Document:

Unassociated Document

    Exhibit
      4.1

     

    

    NATIONAL
      CITY MORTGAGE CAPITAL LLC

    

    Depositor

    

    

    

    

    NATIONAL
      CITY MORTGAGE CO.

    

    Servicer

    

    

    

    and

    

    

    

    [NAME
      OF
      TRUSTEE]

    

    Trustee

    

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of ____ 1, 20__

    

    

    

    [National
      City Mortgage Capital LLC [Mortgage] Loan Trust], Series 20__-____

    Mortgage
      Backed Pass-Through Certificates

    

    

    Series
      20__-____

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

     

    

      
        	
                ARTICLE
                  I 

                DEFINITIONS

                 

              
	
                SECTION
                  1.01.

              	
                Defined
                  Terms.

              
	
                SECTION
                  1.02.

              	
                Allocation
                  of Certain Interest Shortfalls.

                 

              
	
                ARTICLE
                  II 

                CONVEYANCE
                  OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

                 

              
	
                SECTION
                  2.01.

              	
                Conveyance
                  of the Mortgage Loans.

              
	
                SECTION
                  2.02.

              	
                Acceptance
                  of REMIC I by Trustee.

              
	
                SECTION
                  2.03.

              	
                Repurchase
                  or Substitution of Mortgage Loans by the Originator.

              
	
                SECTION
                  2.04.

              	
                Reserved.

              
	
                SECTION
                  2.05.

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              
	
                SECTION
                  2.06.

              	
                Issuance
                  of the REMIC I Regular Interests and the Class R-I
                  Interest.

              
	
                SECTION
                  2.07.

              	
                Conveyance
                  of the REMIC I Regular Interests; Acceptance of REMIC II by the
                  Trustee.

              
	
                SECTION
                  2.08.

              	
                Issuance
                  of Class R Certificates.

              
	
                SECTION
                  2.09.

              	
                Conveyance
                  of the Class M-3 Interest; Acceptance of REMIC III by the
                  Trustee.

              
	
                SECTION
                  2.10.

              	
                Conveyance
                  of the Class M-4 Interest; Acceptance of REMIC IV by the
                  Trustee.

              
	
                SECTION
                  2.11.

              	
                Conveyance
                  of the Class M-5 Interest; Acceptance of REMIC V by the
                  Trustee.

              
	
                SECTION
                  2.12.

              	
                Conveyance
                  of the Class CE Interest; Acceptance of REMIC VI by the
                  Trustee.

              
	
                SECTION
                  2.13.

              	
                Conveyance
                  of the Class P Interest; Acceptance of REMIC VII by the
                  Trustee.

              
	
                SECTION
                  2.14.

              	
                Issuance
                  of Class R-X Certificates.

              
	
                SECTION
                  2.15.

              	
                Purposes
                  and Powers of the Trust.

                 

              
	
                ARTICLE
                  III

                 

              
	
                SECTION
                  3.01.

              	
                Servicer
                  to Act as Servicer.

              
	
                SECTION
                  3.02.

              	
                Sub-Servicing
                  Agreements Between Servicer and Sub-Servicers.

              
	
                SECTION
                  3.03.

              	
                Successor
                  Sub-Servicers.

              
	
                SECTION
                  3.04.

              	
                No
                  Contractual Relationship Between Sub-Servicer, Trustee or the
                  Certificateholders.

              
	
                SECTION
                  3.05.

              	
                Assumption
                  or Termination of Sub-Servicing Agreement by Trustee.

              
	
                SECTION
                  3.06.

              	
                [Reserved].

              
	
                SECTION
                  3.07.

              	
                Collection
                  of Certain Mortgage Loan Payments.

              
	
                SECTION
                  3.08.

              	
                Sub-Servicing
                  Accounts.

              
	
                SECTION
                  3.09.

              	
                Collection
                  of Taxes, Assessments and Similar Items; Servicing
                  Accounts.

              
	
                SECTION
                  3.10.

              	
                Collection
                  Account, Distribution Account and Initial Deposit
                  Accounts.

              
	
                SECTION
                  3.11.

              	
                Withdrawals
                  from the Collection Account and Distribution Account.

              
	
                SECTION
                  3.12.

              	
                Investment
                  of Funds in the Investment Accounts.

              
	
                SECTION
                  3.13.

              	
                [Reserved].

              
	
                SECTION
                  3.14.

              	
                Maintenance
                  of Hazard Insurance and Errors and Omissions and Fidelity
                  Coverage.

              
	
                SECTION
                  3.15.

              	
                Enforcement
                  of Due-on-Sale Clauses; Assumption Agreements.

              
	
                SECTION
                  3.16.

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                SECTION
                  3.17.

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              
	
                SECTION
                  3.18.

              	
                Servicing
                  Compensation.

              
	
                SECTION
                  3.19.

              	
                Reports
                  to the Trustee; Collection Account Statements.

              
	
                SECTION
                  3.20.

              	
                Statement
                  as to Compliance.

              
	
                SECTION
                  3.21.

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                SECTION
                  3.22.

              	
                Access
                  to Certain Documentation.

              
	
                SECTION
                  3.23.

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                SECTION
                  3.24.

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	
                SECTION
                  3.25.

              	
                [Reserved].

              
	
                SECTION
                  3.26.

              	
                Obligations
                  of the Servicer in Respect of Mortgage Rates and Monthly
                  Payments.

              
	
                SECTION
                  3.27.

              	
                Net
                  WAC Rate Carryover Reserve Account.

              
	
                SECTION
                  3.28.

              	
                Commission
                  Reporting.

              
	
                SECTION
                  3.29.

              	
                Advance
                  Facility.

                 

              
	
                ARTICLE
                  IV 

                PAYMENTS
                  TO CERTIFICATEHOLDERS

                 

              
	
                SECTION
                  4.01.

              	
                Distributions.

              
	
                SECTION
                  4.02.

              	
                Statements
                  to Certificateholders.

              
	
                SECTION
                  4.03.

              	
                Remittance
                  Reports; Advances.

              
	
                SECTION
                  4.04.

              	
                Allocation
                  of Realized Losses.

              
	
                SECTION
                  4.05.

              	
                Compliance
                  with Withholding Requirements.

              
	
                SECTION
                  4.06.

              	
                [Reserved]

                 

              
	
                ARTICLE
                  V 

                THE
                  CERTIFICATES

                 

              
	
                SECTION
                  5.01.

              	
                The
                  Certificates.

              
	
                SECTION
                  5.02.

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                SECTION
                  5.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                SECTION
                  5.04.

              	
                Persons
                  Deemed Owners.

              
	
                SECTION
                  5.05.

              	
                Certain
                  Available Information.

                 

              
	
                ARTICLE
                  VI 

                THE
                  DEPOSITOR AND THE SERVICER

                 

              
	
                SECTION
                  6.01.

              	
                Liability
                  of the Depositor and the Servicer.

              
	
                SECTION
                  6.02.

              	
                Merger
                  or Consolidation of the Depositor or the Servicer.

              
	
                SECTION
                  6.03.

              	
                Limitation
                  on Liability of the Depositor, the Servicer and Others.

              
	
                SECTION
                  6.04.

              	
                Limitation
                  on Resignation of the Servicer.

              
	
                SECTION
                  6.05.

              	
                Rights
                  of the Depositor in Respect of the Servicer.

                 

              
	
                ARTICLE
                  VII 

                DEFAULT

                 

              
	
                SECTION
                  7.01.

              	
                Servicer
                  Events of Default.

              
	
                SECTION
                  7.02.

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                SECTION
                  7.03.

              	
                Notification
                  to Certificateholders.

              
	
                SECTION
                  7.04.

              	
                Waiver
                  of Servicer Events of Default.

                 

              
	
                ARTICLE
                  VIII 

                CONCERNING
                  THE TRUSTEE

                 

              
	
                SECTION
                  8.01.

              	
                Duties
                  of Trustee.

              
	
                SECTION
                  8.02.

              	
                Certain
                  Matters Affecting the Trustee.

              
	
                SECTION
                  8.03.

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              
	
                SECTION
                  8.04.

              	
                Trustee
                  May Own Certificates.

              
	
                SECTION
                  8.05.

              	
                Trustee’s
                  Fees and Expenses.

              
	
                SECTION
                  8.06.

              	
                Eligibility
                  Requirements for Trustee.

              
	
                SECTION
                  8.07.

              	
                Resignation
                  and Removal of the Trustee.

              
	
                SECTION
                  8.08.

              	
                Successor
                  Trustee.

              
	
                SECTION
                  8.09.

              	
                Merger
                  or Consolidation of Trustee.

              
	
                SECTION
                  8.10.

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                SECTION
                  8.11.

              	
                Reserved.

              
	
                SECTION
                  8.12.

              	
                Appointment
                  of Office or Agency.

              
	
                SECTION
                  8.13.

              	
                Representations
                  and Warranties of the Trustee.

                 

              
	
                ARTICLE
                  IX 

                TERMINATION

                 

              
	
                SECTION
                  9.01.

              	
                Termination
                  Upon Repurchase or Liquidation of All Mortgage Loans.

              
	
                SECTION
                  9.02.

              	
                Additional
                  Termination Requirements.

                 

              
	
                ARTICLE
                  X 

                REMIC
                  PROVISIONS

                 

              
	
                SECTION
                  10.01.

              	
                REMIC
                  Administration.

              
	
                SECTION
                  10.02.

              	
                Prohibited
                  Transactions and Activities.

              
	
                SECTION
                  10.03.

              	
                Servicer
                  and Trustee Indemnification.

                 

              
	
                ARTICLE
                  XI 

                MISCELLANEOUS
                  PROVISIONS

                 

              
	
                SECTION
                  11.01.

              	
                Amendment.

              
	
                SECTION
                  11.02.

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                SECTION
                  11.03.

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                SECTION
                  11.04.

              	
                Governing
                  Law.

              
	
                SECTION
                  11.05.

              	
                Notices.

              
	
                SECTION
                  11.06.

              	
                Severability
                  of Provisions.

              
	
                SECTION
                  11.07.

              	
                Notice
                  to Rating Agencies.

              
	
                SECTION
                  11.08.

              	
                Article
                  and Section References.

              
	
                SECTION
                  11.09.

              	
                Grant
                  of Security Interest.

              

      

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Exhibits

               

            	 
	
              Exhibit
                A-1

            	
              Form
                of Class A Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class M-1 Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class M-2 Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class M-3 Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class M-4 Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-5 Certificate

            
	
              Exhibit
                A-7

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-8

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-9

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                A-10

            	
              Form
                of Class R-X Certificate

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                C-2

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                D-1

            	
              Form
                of [____] Mortgage Loan Purchase Agreement

            
	
              Exhibit
                D-2

            	
              Form
                of [____] Mortgage Loan Purchase Agreement

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Transferor Representation Letter and Form of Transferee Representation
                Letter in Connection with Transfer of the Private Certificates Pursuant
                to
                Rule 144A Under the 1933 Act

            
	
              Exhibit
                F-2

            	
              Form
                of Transfer Affidavit and Agreement and Form of Transferor Affidavit
                in
                Connection with Transfer of Residual Certificates

            
	
              Exhibit
                G

            	
              Form
                of Certification with respect to ERISA and the Code

            
	
              Exhibit
                H

            	
              [Reserved]

            
	
              Exhibit
                I

            	
              [Reserved]

            
	
              Exhibit
                J

            	
              Form
                of Officer’s Certificate with respect to Prepayments

            
	
              Exhibit
                K

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                L-1

            	
              Form
                of Certification to Be Provided by the Depositor with Form
                10-K

            
	
              Exhibit
                L-2

            	
              Form
                of Certification to Be Provided to Depositor by the
                Trustee

            
	
              Exhibit
                L-3

            	
              Form
                of Certification to Be Provided to Depositor by the
                Servicer

            
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    This
      Pooling and Servicing Agreement, is dated and effective as of ____ 1, 20__,
      among National City Mortgage Capital LLC, as Depositor, National City Mortgage
      Co., as Servicer and [NAME OF TRUSTEE] as Trustee.

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates to be issued hereunder
      in
      multiple classes, which in the aggregate will evidence the entire beneficial
      ownership interest in each REMIC (as defined herein) created hereunder. The
      Trust Fund will consist of a segregated pool of assets comprised of the Mortgage
      Loans and certain other related assets subject to this Agreement.

     

    REMIC
      I

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets (other than
      the Servicer Prepayment Charge Payment Amount and the Net WAC Rate Carryover
      Reserve Account) subject to this Agreement as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as “REMIC I.”
The Class R-I Interest will be the sole class of “residual interests” in REMIC I
      for purposes of the REMIC Provisions (as defined herein). The following table
      irrevocably sets forth the designation, the REMIC I Remittance Rate, the initial
      Uncertificated Balance and, solely for purposes of satisfying Treasury
      regulation section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      each of the REMIC I Regular Interests (as defined herein). None of the REMIC
      I
      Regular Interests will be certificated.

    

    
      	
              Designation

            	
              REMIC
                I

              Remittance
                Rate

            	
              Initial

              Uncertificated
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I-LTAA

            	
              Variable(2)

            	 	 
	
              I-LTA

            	
              Variable(2)

            	 	 
	
              I-LTM1

            	
              Variable(2)

            	 	 
	
              I-LTM2

            	
              Variable(2)

            	 	 
	
              I-LTM3

            	
              Variable(2)

            	 	 
	
              I-LTM4

            	
              Variable(2)

            	 	 
	
              I-LTM5

            	
              Variable(2)

            	 	 
	
              I-LTZZ

            	
              Variable(2)

            	 	 
	
              I-LTP

            	
              Variable(2)

            	 	 

    

    _______________

    
      	
              (1)

            	
              Solely
                for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date immediately following the maturity date for
                the
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each REMIC I Regular
                Interest.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “REMIC I Remittance Rate”
                herein.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      II

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the REMIC I Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as “REMIC II.”
The Class R-II Interest will evidence the sole class of “residual interests” in
      REMIC II for purposes of the REMIC Provisions under federal income tax law.
      The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the initial aggregate Certificate Principal Balance and, solely for purposes
      of
      satisfying Treasury regulation section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for the indicated Classes of Certificates.

     

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                A

            	
              Variable(2)

            	 	 
	
              Class
                M-1

            	
              Variable(2)

            	 	 
	
              Class
                M-2

            	
              Variable(2)

            	 	 
	
              Class
                M-3 Interest

            	
              Variable(2)

            	 	 
	
              Class
                M-4 Interest

            	
              Variable(2)

            	 	 
	
              Class
                M-5 Interest

            	
              Variable(2)

            	 	 
	
              Class
                CE Interest

            	
              Variable(3)

            	 	 
	
              Class
                P Interest

            	
              N/A(4)

            	 	 

    

    _______________

    
      	
              (1)

            	
              Solely
                for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date immediately following the maturity date for
                the
                Mortgage Loans with the latest maturity date has been designated
                as the
                “latest possible maturity date” for each Class of
                Certificates.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Pass-Through Rate”
                herein.

            

    

    
      	
              (3)

            	
              The
                Class CE Interest will accrue interest at its variable Pass-Through
                Rate
                on the Notional Amount of the Class CE Interest outstanding from
                time to
                time which shall equal the Uncertificated Balance of the REMIC I
                Regular
                Interests. The Class CE Interest will not accrue interest on its
                Certificate Principal Balance.

            

    

    
      	
              (4)

            	
              The
                Class P Interest will not accrue
                interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      III

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the Class M-3 Interest as a REMIC for federal income tax purposes,
      and such segregated pool of assets will be designated as “REMIC III.” The Class
      R-III Interest will evidence the sole class of “residual interests” in REMIC III
      for purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate Certificate Principal Balance and, solely for purposes of satisfying
      Treasury regulation section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Classes of Certificates.

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                M-3

            	
              Variable(2)

            	 	 

    

    _______________

    
      	
              (1)

            	
              Solely
                for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date immediately following the maturity date for
                the
                Mortgage Loans with the latest maturity date has been designated
                as the
                “latest possible maturity date” for each Class of
                Certificates.

            

    

    
      	
              (2)

            	
              The
                Class M-3 Certificates will receive 100% of amounts received in respect
                of
                the Class M-3 Interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      IV

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the Class M-4 Interest as a REMIC for federal income tax purposes,
      and such segregated pool of assets will be designated as “REMIC IV.” The Class
      R-IV Interest will evidence the sole class of “residual interests” in REMIC IV
      for purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate Certificate Principal Balance and, solely for purposes of satisfying
      Treasury regulation section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Classes of Certificates.

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                M-4

            	
              Variable(2)

            	 	 

    

    _______________

    
      	
              (1)

            	
              Solely
                for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date immediately following the maturity date for
                the
                Mortgage Loans with the latest maturity date has been designated
                as the
                “latest possible maturity date” for each Class of
                Certificates.

            

    

    
      	
              (2)

            	
              The
                Class M-4 Certificates will receive 100% of amounts received in respect
                of
                the Class M-5 Interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      V

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the Class M-5 Interest as a REMIC for federal income tax purposes,
      and such segregated pool of assets will be designated as “REMIC V.” The Class
      R-V Interest will evidence the sole class of “residual interests” in REMIC V for
      purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate Certificate Principal Balance and, solely for purposes of satisfying
      Treasury regulation section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Classes of Certificates.

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                M-5

            	
              Variable(2)

            	 	 

    

    _______________

    
      	
              (1)

            	
              Solely
                for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date immediately following the maturity date for
                the
                Mortgage Loans with the latest maturity date has been designated
                as the
                “latest possible maturity date” for each Class of
                Certificates.

            

    

    
      	
              (2)

            	
              The
                Class M-5 Certificates will receive 100% of amounts received in respect
                of
                the Class M-5 Interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      VI

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the Class CE Interest as a REMIC for federal income tax purposes,
      and such segregated pool of assets will be designated as “REMIC VI.” The Class
      R-VI Interest will evidence the sole class of “residual interests” in REMIC VI
      for purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate Certificate Principal Balance and, solely for purposes of satisfying
      Treasury regulation section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Classes of Certificates.

    

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                CE

            	
              Variable(2)

            	 	 

    

    _______________

    
      	
              (1)

            	
              Solely
                for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date immediately following the maturity date for
                the
                Mortgage Loans with the latest maturity date has been designated
                as the
                “latest possible maturity date” for each Class of
                Certificates.

            

    

    
      	
              (2)

            	
              The
                Class CE Certificates will receive 100% of amounts received in respect
                of
                the Class CE Interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      VII

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the Class P Interest as a REMIC for federal income tax purposes,
      and such segregated pool of assets will be designated as “REMIC VII.” The Class
      R-VII Interest will evidence the sole class of “residual interests” in REMIC VII
      for purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate Certificate Principal Balance and, solely for purposes of satisfying
      Treasury regulation section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Classes of Certificates.

     

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P(2)

            	
              N/A

            	 	 

    

    _______________

    
      	
              (1)

            	
              Solely
                for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date immediately following the maturity date for
                the
                Mortgage Loans with the latest maturity date has been designated
                as the
                “latest possible maturity date” for each Class of
                Certificates.

            

    

    
      	
              (2)

            	
              The
                Class P Certificates will receive 100% of amounts received in respect
                of
                the Class P Interest.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate principal balance equal to
      $[__].

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Servicer and the Trustee agree as follows:

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      I

     

    DEFINITIONS

     

    
      	SECTION
              1.01.  	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement, including, without limitation, in the Preliminary
      Statement hereto, the following words and phrases, unless the context otherwise
      requires, shall have the meanings specified in this Article. Unless otherwise
      specified, all calculations described herein shall be made on the basis of
      a
      360-day year consisting of twelve 30-day months.

     

    “Accepted
      Servicing Practices”: The servicing standards set forth in Section
      3.01.

     

    “[____]
      Mortgage Loan”: Each Mortgage Loan originated by [____].

     

    “[____]
      Mortgage Loan Purchase Agreement”: The agreement among [____], the Seller and
      the Depositor, regarding the sale of the [____] Mortgage Loans by the Seller
      to
      the Depositor, substantially in the form of Exhibit D-1 annexed
      hereto.

     

    “Accrued
      Certificate Interest”: With respect to any Class A Certificate, Mezzanine
      Certificate, the Class CE Interest and each Distribution Date, interest accrued
      during the related Interest Accrual Period at the Pass-Through Rate for such
      Certificate for such Distribution Date on the Certificate Principal Balance,
      in
      the case of the Class A Certificates and the Mezzanine Certificates, or on
      the
      Notional Amount, in the case of the Class CE Interest, of such Certificate
      immediately prior to such Distribution Date. The Class P Interest is not
      entitled to distributions in respect of interest and, accordingly, will not
      accrue interest. All distributions of interest on the Class A Certificates
      and
      the Mezzanine Certificates will be calculated on the basis of a 360-day year
      and
      the actual number of days in the applicable Interest Accrual Period. All
      distributions of interest on the Class CE Interest will be based on a 360-day
      year consisting of twelve 30-day months. Accrued Certificate Interest with
      respect to each Distribution Date, as to any Class A Certificate, Mezzanine
      Certificate or the Class CE Interest, shall be reduced by an amount equal to
      the
      portion allocable to such Certificate pursuant to Section 1.02 hereof of the
      sum
      of (a) the aggregate Prepayment Interest Shortfall, if any, for such
      Distribution Date to the extent not covered by payments pursuant to Section
      3.24
      and (b) the aggregate amount of any Relief Act Interest Shortfall, if any,
      for
      such Distribution Date. In addition, Accrued Certificate Interest with respect
      to each Distribution Date, as to the Class CE Interest shall be reduced by
      an
      amount equal to the portion allocable to the Class CE Interest of Realized
      Losses, if any, pursuant to Section 4.04 hereof.

     

    “Adjustable-Rate
      Mortgage Loan”: Each of the Mortgage Loans identified on the Mortgage Loan
      Schedule as having a Mortgage Rate that is subject to adjustment.

     

    “Adjustment
      Date”: With respect to each Adjustable-Rate Mortgage Loan, the first day of the
      month in which the Mortgage Rate of such Mortgage Loan changes pursuant to
      the
      related Mortgage Note. The first Adjustment Date following the Cut-off Date
      as
      to each Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    “Advance”:
      As to any Mortgage Loan, any advance made by the Servicer in respect of any
      Distribution Date pursuant to Section 4.03.

     

    “Advance
      Facility”: As defined in Section 3.28(a) hereof.

     

    “Advance
      Facility Notice”: As defined in Section 3.28(b) hereof.

     

    “Advance
      Financing Person”: As defined in Section 3.28(a) hereof.

     

    “Advance
      Reimbursement Amounts”: As defined in Section 3.28(b) hereof.

     

    “Affiliate”:
      With respect to any specified Person, any other Person controlling or controlled
      by or under common control with such specified Person. For the purposes of
      this
      definition, “control” when used with respect to any specified Person means the
      power to direct the management and policies of such Person, directly or
      indirectly, whether through the ownership of voting securities, by contract
      or
      otherwise, and the terms “controlling” and “controlled” have meanings
      correlative to the foregoing.

     

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof and supplements
      hereto.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form (excepting therefrom, if applicable, the mortgage recordation
      information which has not been required pursuant to Section 2.01 hereof or
      returned by the applicable recorder’s office), which is sufficient under the
      laws of the jurisdiction wherein the related Mortgaged Property is located
      to
      reflect of record the sale of the Mortgage, which assignment, notice of transfer
      or equivalent instrument may be in the form of one or more blanket assignments
      covering Mortgages secured by Mortgaged Properties located in the same county,
      if permitted by law.

     

    “Available
      Distribution Amount”: With respect to any Distribution Date, an amount equal to
      (1) the sum of (a) the aggregate of the amounts on deposit in the Collection
      Account and Distribution Account attributable to the Mortgage Loans as of the
      close of business on the related Determination Date, (b) the aggregate of any
      amounts received in respect of an REO Property withdrawn from any REO Account
      and deposited in the Distribution Account for such Distribution Date pursuant
      to
      Section 3.23, (c) the aggregate of any amounts deposited in the Distribution
      Account by the Servicer in respect of Prepayment Interest Shortfalls
      attributable to the Mortgage Loans for such Distribution Date pursuant to
      Section 3.24, (d) the aggregate of any Advances attributable to the Mortgage
      Loans made by the Servicer for such Distribution Date pursuant to Section 4.03
      and (e) the aggregate of any advances made by the Trustee as successor Servicer
      or any other successor Servicer for such Distribution Date pursuant to Section
      7.02(b), reduced (to not less than zero) by (2) the portion of the amount
      described in clause (1)(a) above that represents (i) Monthly Payments on the
      Mortgage Loans received from a Mortgagor on or prior to the Determination Date
      but due during any Due Period subsequent to the related Due Period, (ii)
      Principal Prepayments on the Mortgage Loans received after the related
      Prepayment Period (together with any interest payments received with such
      Principal Prepayments to the extent they represent the payment of interest
      accrued on the Mortgage Loans during a period subsequent to the related
      Prepayment Period) (other than Prepayment Charges), (iii) Liquidation Proceeds
      and Insurance Proceeds received in respect of the Mortgage Loans after the
      related Prepayment Period, (iv) amounts reimbursable or payable to the
      Depositor, the Servicer, the Trustee, the Seller or any Sub-Servicer pursuant
      to
      Section 3.11, Section 3.12, Section 8.05 or otherwise payable in respect of
      Extraordinary Trust Fund Expenses attributable to the Mortgage Loans, (v) the
      Trustee Fee payable from the Distribution Account pursuant to Section 8.05,
      (vi)
      amounts deposited in the Collection Account or the Distribution Account in
      error
      and (vii) the amount of any Prepayment Charges collected by the Servicer in
      connection with the Principal Prepayment of any of the Mortgage Loans or any
      Servicer Prepayment Charge Payment Amount with respect to the Mortgage
      Loans.

     

    “Balloon
      Mortgage Loan”: A Mortgage Loan that provides for the payment of the unamortized
      principal balance of such Mortgage Loan in a single payment at the maturity
      of
      such Mortgage Loan that is substantially greater than the preceding monthly
      payment.

     

    “Balloon
      Payment”: A payment of the unamortized principal balance of a Mortgage Loan in a
      single payment at the maturity of such Mortgage Loan that is substantially
      greater than the preceding Monthly Payment.

     

    “Bankruptcy
      Code”: The Bankruptcy Reform Act of 1978 (Title 11 of the United States Code),
      as amended.

     

    “Bankruptcy
      Loss”: With respect to any Mortgage Loan, a Realized Loss resulting from a
      Deficient Valuation or Debt Service Reduction.

     

    “Book-Entry
      Certificate”: The Class A Certificates and the Mezzanine Certificates for so
      long as the Certificates of such Class shall be registered in the name of the
      Depository or its nominee.

     

    “Book-Entry
      Custodian”: The custodian appointed pursuant to Section 5.01.

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking or
      savings and loan institutions in the State of California, the State of New
      York
      or in the city in which the Corporate Trust Office of the Trustee is located,
      are authorized or obligated by law or executive order to be closed.

     

    “Cash-Out
      Refinancing”: A Refinanced Mortgage Loan the proceeds of which are more than a
      nominal amount in excess of the principal balance of any existing first mortgage
      or subordinate mortgage on the related Mortgaged Property and related closing
      costs.

     

    “Certificate”:
      Any one of the [National City Mortgage Capital LLC [Mortgage] Loan Trust],
      Series 20__-____, Mortgage Backed Pass-Through Certificates, Class A, Class
      M-1,
      Class M-2, Class M-3, Class M-4, Class M-5, Class CE, Class P, Class R and
      Class
      R-X issued under this Agreement.

     

    “Certificate
      Factor”: With respect to any Class of Regular Certificates as of any
      Distribution Date, a fraction, expressed as a decimal carried to six places,
      the
      numerator of which is the aggregate Certificate Principal Balance (or the
      Notional Amount, in the case of the Class CE Certificates) of such Class of
      Certificates on such Distribution Date (after giving effect to any distributions
      of principal and in the case of the Mezzanine Certificates and the Class CE
      Certificates, the allocations of Realized Losses in reduction of the Certificate
      Principal Balance (or the Notional Amount, in the case of the Class CE
      Certificates) of such Class of Certificates to be made on such Distribution
      Date), and the denominator of which is the initial aggregate Certificate
      Principal Balance (or the Notional Amount, in the case of the Class CE
      Certificates) of such Class of Certificates as of the Closing Date.

     

    “Certificate
      Margin”: With respect to the Class A-1 Certificates, [__]% in the case of each
      Distribution Date through and including the Distribution Date on which the
      aggregate Principal Balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund is reduced to less than 10% of
      the
      aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and
      [__]% in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-1 Certificates, [__]% in the case of each Distribution
      Date through and including the Distribution Date on which the aggregate
      Principal Balance of the Mortgage Loans (and properties acquired in respect
      thereof) remaining in the Trust Fund is reduced to less than 10% of the
      aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and
      [__]% in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-2 Certificates, [__]% in the case of each Distribution
      Date through and including the Distribution Date on which the aggregate
      Principal Balance of the Mortgage Loans (and properties acquired in respect
      thereof) remaining in the Trust Fund is reduced to less than 10% of the
      aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and
      [__]% in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-3 Interest, [__]% in the case of each Distribution Date
      through and including the Distribution Date on which the aggregate Principal
      Balance of the Mortgage Loans (and properties acquired in respect thereof)
      remaining in the Trust Fund is reduced to less than 10% of the aggregate
      Principal Balance of the Mortgage Loans as of the Cut-off Date and [__]% in
      the
      case of each Distribution Date thereafter.

     

    With
      respect to the Class M-4 Interest, [__]% in the case of each Distribution Date
      through and including the Distribution Date on which the aggregate Principal
      Balance of the Mortgage Loans (and properties acquired in respect thereof)
      remaining in the Trust Fund is reduced to less than 10% of the aggregate
      Principal Balance of the Mortgage Loans as of the Cut-off Date and [__]% in
      the
      case of each Distribution Date thereafter.

     

    With
      respect to the Class M-5 Interest, [__]% in the case of each Distribution Date
      through and including the Distribution Date on which the aggregate Principal
      Balance of the Mortgage Loans (and properties acquired in respect thereof)
      remaining in the Trust Fund is reduced to less than 10% of the aggregate
      Principal Balance of the Mortgage Loans as of the Cut-off Date and [__]% in
      the
      case of each Distribution Date thereafter.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that a Disqualified Organization or a Non-United
      States Person shall not be a Holder of a Residual Certificate for any purposes
      hereof and, solely for the purposes of giving any consent pursuant to this
      Agreement, any Certificate registered in the name of the Depositor or the
      Servicer or any Affiliate thereof shall be deemed not to be outstanding and
      the
      Voting Rights to which it is entitled shall not be taken into account in
      determining whether the requisite percentage of Voting Rights necessary to
      effect any such consent has been obtained, except as otherwise provided in
      Section 11.01. The Trustee may conclusively rely upon a certificate of the
      Depositor or the Servicer in determining whether a Certificate is held by an
      Affiliate thereof. All references herein to “Holders” or “Certificateholders”
shall reflect the rights of Certificate Owners as they may indirectly exercise
      such rights through the Depository and participating members thereof, except
      as
      otherwise specified herein; provided, however, that the Trustee shall be
      required to recognize as a “Holder” or “Certificateholder” only the Person in
      whose name a Certificate is registered in the Certificate Register.

     

    “Certificate
      Owner”: With respect to a Book-Entry Certificate, the Person who is the
      beneficial owner of such Certificate as reflected on the books of the Depository
      or on the books of a Depository Participant or on the books of an indirect
      participating brokerage firm for which a Depository Participant acts as
      agent.

     

    “Certificate
      Principal Balance”: With respect to each Class A Certificate, Mezzanine
      Certificate or Class P Interest as of any date of determination, the Certificate
      Principal Balance of such Certificate on the Distribution Date immediately
      prior
      to such date of determination, minus all distributions allocable to principal
      made thereon and, in the case of the Mezzanine Certificates, Realized Losses
      allocated thereto on such immediately prior Distribution Date (or, in the case
      of any date of determination up to and including the first Distribution Date,
      the initial Certificate Principal Balance of such Certificate, as stated on
      the
      face thereof). With respect to each Class CE Interest as of any date of
      determination, an amount equal to the Percentage Interest evidenced by such
      Certificate times the excess, if any, of (A) the then aggregate Uncertificated
      Balances of the REMIC I Regular Interests over (B) the then aggregate
      Certificate Principal Balances of the Class A Certificates, the Mezzanine
      Certificates and the Class P Certificates then outstanding. With respect to
      each
      Class of Certificates, the aggregate of the Certificate Principal Balances
      of
      the Certificates of such Class.

     

    “Certificate
      Register”: The register maintained pursuant to Section 5.02.

     

    “Class”:
      Collectively, all of the Certificates bearing the same class
      designation.

     

    “Class
      A
      Certificates”: Any one of the Class A Certificates executed, authenticated and
      delivered by the Trustee, substantially in the form annexed hereto as Exhibit
      A-1 and evidencing a Regular Interest in REMIC II for purposes of the REMIC
      Provisions.

     

    “Class
      A
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the Certificate Principal Balance of the Class A Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) [__]% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period and (B) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period minus $[__].

     

    “Class
      CE
      Certificate”: Any one of the Class CE Certificates executed, authenticated and
      delivered by the Trustee, substantially in the form annexed hereto as Exhibit
      A-7 and evidencing a Regular Interest in REMIC VI for purposes of the REMIC
      Provisions.

     

    “Class
      CE
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class CE Certificates, evidencing a Regular
      Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed, authenticated
      and delivered by the Trustee, substantially in the form annexed hereto as
      Exhibit A-2 and evidencing a Regular Interest in REMIC II for purposes of the
      REMIC Provisions.

     

    “Class
      M-1 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the Certificate Principal Balance of the Class
      A
      Certificates (after taking into account the payment of the Class A Principal
      Distribution Amount on such Distribution Date) and (ii) the Certificate
      Principal Balance of the Class M-1 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) [__]% and (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period and (B) the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the last day of the related Due Period minus
      $[__].

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed, authenticated
      and delivered by the Trustee, substantially in the form annexed hereto as
      Exhibit A-3 and evidencing a Regular Interest in REMIC II for purposes of the
      REMIC Provisions.

     

    “Class
      M-2 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the Certificate Principal Balance of the Class
      A
      Certificates (after taking into account the payment of the Class A Principal
      Distribution Amount on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account the payment
      of
      the Class M-1 Principal Distribution Amount on such Distribution Date) and
      (iii)
      the Certificate Principal Balance of the Class M-2 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      [__]% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      minus
      $[__].

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed, authenticated
      and delivered by the Trustee, substantially in the form annexed hereto as
      Exhibit A-4 and evidencing a Regular Interest in REMIC III for purposes of
      the
      REMIC Provisions.

     

    “Class
      M-3 Interest”: An uncertificated interest in the Trust Fund held by the Trustee
      on behalf of the Holders of the Class M-3 Certificates, evidencing a Regular
      Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      M-3 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the Certificate Principal Balance of the Class
      A
      Certificates (after taking into account the payment of the Class A Principal
      Distribution Amount on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account the payment
      of
      the Class M-1 Principal Distribution Amount on such Distribution Date), (iii)
      the Certificate Principal Balance of the Class M-2 Certificates (after taking
      into account the payment of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date) and (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) [__]% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period and (B) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period minus $[__].

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed, authenticated
      and delivered by the Trustee, substantially in the form annexed hereto as
      Exhibit A-5 and evidencing a Regular Interest in REMIC IV for purposes of the
      REMIC Provisions.

     

    “Class
      M-4 Interest”: An uncertificated interest in the Trust Fund held by the Trustee
      on behalf of the Holders of the Class M-4 Certificates, evidencing a Regular
      Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      M-4 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the Certificate Principal Balance of the Class
      A
      Certificates (after taking into account the payment of the Class A Principal
      Distribution Amount on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account the payment
      of
      the Class M-1 Principal Distribution Amount on such Distribution Date), (iii)
      the Certificate Principal Balance of the Class M-2 Certificates (after taking
      into account the payment of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) [__]% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as of the last day of the related Due Period minus $[__].

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed, authenticated
      and delivered by the Trustee, substantially in the form annexed hereto as
      Exhibit A-6 and evidencing a Regular Interest in REMIC V for purposes of the
      REMIC Provisions.

     

    “Class
      M-5 Interest”: An uncertificated interest in the Trust Fund held by the Trustee
      on behalf of the Holders of the Class M-5 Certificates, evidencing a Regular
      Interest in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      M-5 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the Certificate Principal Balance of the Class
      A
      Certificates (after taking into account the payment of the Class A Principal
      Distribution Amount on such Distribution Date), (ii) the Certificate Principal
      Balance of the Class M-1 Certificates (after taking into account the payment
      of
      the Class M-1 Principal Distribution Amount on such Distribution Date), (iii)
      the Certificate Principal Balance of the Class M-2 Certificates (after taking
      into account the payment of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) [__]% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period and (B) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period minus $[__].

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed, authenticated and
      delivered by the Trustee, substantially in the form annexed hereto as Exhibit
      A-8 and evidencing a Regular Interest in REMIC VII for purposes of the REMIC
      Provisions.

     

    “Class
      P
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class P Certificates, evidencing a Regular Interest
      in REMIC II for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificate”: Any one of the Class R Certificates executed, authenticated and
      delivered by the Trustee, substantially in the form annexed hereto as Exhibit
      A-9 and evidencing the ownership of the Class R-I Interest and the Class R-II
      Interest.

     

    “Class
      R-X Certificate”: Any one of the Class R-X Certificates executed, authenticated
      and delivered by the Trustee, substantially in the form annexed hereto as
      Exhibit A-10 and evidencing the ownership of the Class R-III Interest, the
      Class
      R-IV Interest, the Class R-V Interest, the Class R-VI Interest and the Class
      R-VII Interest.

     

    “Class
      R-I Interest”: The uncertificated Residual Interest in REMIC I.

     

    “Class
      R-II Interest”: The uncertificated Residual Interest in REMIC II.

     

    “Class
      R-III Interest”: The uncertificated Residual Interest in REMIC III.

     

    “Class
      R-IV Interest”: The uncertificated Residual Interest in REMIC IV.

     

    “Class
      R-V Interest”: The uncertificated Residual Interest in REMIC V.

     

    “Class
      R-VI Interest”: The uncertificated Residual Interest in REMIC VI.

     

    “Class
      R-VII Interest”: The uncertificated Residual Interest in REMIC VII.

     

    “Closing
      Date”: [____________].

     

    “Code”:
      The Internal Revenue Code of 1986.

     

    “Collection
      Account”: The account or accounts created and maintained, or caused to be
      created and maintained, by the Servicer pursuant to Section 3.10(a), which
      shall
      be entitled “National City Mortgage Co., as Servicer for [NAME OF TRUSTEE], as
      Trustee, in trust for the registered holders of [National City Mortgage Capital
      LLC [Mortgage] Loan Trust], Series 20__-____, Mortgage Backed Pass-Through
      Certificates.” The Collection Account must be an Eligible Account.

     

    “Commission”:
      The Securities and Exchange Commission.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee at which at
      any particular time its corporate trust business in connection with this
      Agreement shall be administered, which office at the date of the execution
      of
      this instrument is located at [___________________] Attention: [__________],
      or
      at such other address as the Trustee may designate from time to time by notice
      to the Certificateholders, the Depositor and the Servicer.

     

    “Corresponding
      Certificate”: With respect to (i) REMIC I Regular Interest I-LTA, (ii) REMIC I
      Regular Interest I-LTM1, (iii) REMIC I Regular Interest I-LTM2, (iv) REMIC
      I
      Regular Interest I-LTM3 and the Class M-3 Interest, (v) REMIC I Regular Interest
      I-LTM4 and the Class M-4 Interest, (vi) REMIC I Regular Interest I-LTM5 and
      the
      Class M-5 Interest, (vii) the Class CE Interest and (viii) REMIC I Regular
      Interest I-LTP and the Class P Interest, (i) the Class A Certificates, (ii) the
      Class M-1 Certificates, (iii) the Class M-2 Certificates, (iv) the Class M-3
      Certificates, (v) the Class M-4 Certificates, (vi) the Class M-5 Certificates,
      (vii) the Class CE Certificates and (viii) the Class P Certificates,
      respectively.

     

    “Credit
      Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is the sum of the aggregate Certificate
      Principal Balances of the Mezzanine Certificates and the Class CE Interest,
      and
      the denominator of which is the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period.

     

    “Cumulative
      Loss Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate amount of
      Realized Losses incurred from the Cut-off Date to the last day of the preceding
      calendar month and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Cut-off
      Date”: With respect to each Original Mortgage Loan, ____ 1, 20__. With respect
      to all Qualified Substitute Mortgage Loans, their respective dates of
      substitution. References herein to the “Cut-off Date,” when used with respect to
      more than one Mortgage Loan, shall be to the respective Cut-off Dates for such
      Mortgage Loans.

     

    “Debt
      Service Reduction”: With respect to any Mortgage Loan, a reduction in the
      scheduled Monthly Payment for such Mortgage Loan by a court of competent
      jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
      resulting from a Deficient Valuation.

     

    “Deficient
      Valuation”: With respect to any Mortgage Loan, a valuation of the related
      Mortgaged Property by a court of competent jurisdiction in an amount less than
      the then outstanding Principal Balance of the Mortgage Loan, which valuation
      results from a proceeding initiated under the Bankruptcy Code.

     

    “Definitive
      Certificates”: As defined in Section 5.01(b).

     

    “Deleted
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced by a Qualified
      Substitute Mortgage Loan.

     

    “Delinquency
      Percentage”: As of the last day of any Due Period, the percentage equivalent of
      a fraction, the numerator of which is the aggregate Stated Principal Balance
      of
      the Mortgage Loans that, as of the last day of the previous calendar month,
      are
      60 or more days delinquent, are in foreclosure, have been converted to REO
      Properties or have been discharged by reason of bankruptcy, and the denominator
      of which is the aggregate Stated Principal Balance of the Mortgage Loans and
      REO
      Properties as of the last day of such calendar month; provided, however, that
      any Mortgage Loan purchased by the Servicer pursuant to Section 3.16(c) shall
      not be included in either the numerator or the denominator for purposes of
      calculating the Delinquency Percentage.

     

    “Depositor”:
      National City Mortgage Capital LLC, a Delaware limited liability company, or
      its
      successor in interest.

     

    “Depository”:
      The Depository Trust Company, or any successor Depository hereafter named.
      The
      nominee of the initial Depository, for purposes of registering those
      Certificates that are to be Book-Entry Certificates, is CEDE & Co. The
      Depository shall at all times be a “clearing corporation” as defined in Section
      8-102(3) of the Uniform Commercial Code of the State of New York and a “clearing
      agency” registered pursuant to the provisions of Section 17A of the Securities
      Exchange Act of 1934, as amended.

     

    “Depository
      Institution”: Any depository institution or trust company, including the
      Trustee, that (a) is incorporated under the laws of the United States of America
      or any State thereof, (b) is subject to supervision and examination by federal
      or state banking authorities and (c) has outstanding unsecured commercial paper
      or other short-term unsecured debt obligations (or, in the case of a depository
      institution that is the principal subsidiary of a holding company, such holding
      company has unsecured commercial paper or other short-term unsecured debt
      obligations) that are rated at least P-1 by Moody’s, F-1 by Fitch (if rated by
      Fitch) and A-1 by S&P.

     

    “Depository
      Participant”: A broker, dealer, bank or other financial institution or other
      Person for whom from time to time a Depository effects book-entry transfers
      and
      pledges of securities deposited with the Depository.

     

    “Determination
      Date”: With respect to each Distribution Date, the 15th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day.

     

    “Directly
      Operate”: With respect to any REO Property, the furnishing or rendering of
      services to the tenants thereof, the management or operation of such REO
      Property, the holding of such REO Property primarily for sale to customers,
      the
      performance of any construction work thereon or any use of such REO Property
      in
      a trade or business conducted by REMIC I other than through an Independent
      Contractor; provided, however, that the Trustee (or the Servicer on behalf
      of
      the Trustee) shall not be considered to Directly Operate an REO Property solely
      because the Trustee (or the Servicer on behalf of the Trustee) establishes
      rental terms, chooses tenants, enters into or renews leases, deals with taxes
      and insurance, or makes decisions as to repairs or capital expenditures with
      respect to such REO Property.

     

    “Disqualified
      Organization”: Any of the following: (i) the United States, any State or
      political subdivision thereof, any possession of the United States, or any
      agency or instrumentality of any of the foregoing (other than an instrumentality
      which is a corporation if all of its activities are subject to tax and, except
      for Freddie Mac, a majority of its board of directors is not selected by such
      governmental unit), (ii) any foreign government, any international organization,
      or any agency or instrumentality of any of the foregoing, (iii) any organization
      (other than certain farmers’ cooperatives described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code (including the
      tax
      imposed by Section 511 of the Code on unrelated business taxable income), (iv)
      rural electric and telephone cooperatives described in Section 1381(a)(2)(C)
      of
      the Code, (v) an “electing large partnership” and (vi) any other Person as set
      forth in an Opinion of Counsel delivered to the Trustee and the Depositor to
      the
      effect that the holding of an Ownership Interest in a Residual Certificate
      by
      such Person may cause any Trust REMIC or any Person having an Ownership Interest
      in any Class of Certificates (other than such Person) to incur a liability
      for
      any federal tax imposed under the Code that would not otherwise be imposed
      but
      for the Transfer of an Ownership Interest in a Residual Certificate to such
      Person. The terms “United States,” “State” and “international organization”
shall have the meanings set forth in Section 7701 of the Code or successor
      provisions.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.10(b), which shall be entitled “[NAME OF TRUSTEE], as
      Trustee, in trust for the registered holders of [National City Mortgage Capital
      LLC [Mortgage] Loan Trust], Series 20__-____, Mortgage Backed Pass-Through
      Certificates.” The Distribution Account must be an Eligible
      Account.

     

    “Distribution
      Date”: The 25th
      day of
      any month, or if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day,
      commencing in [________].

     

    “Due
      Date”: With respect to each Mortgage Loan and any Distribution Date, the first
      day of the calendar month in which such Distribution Date occurs on which the
      Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
      Loan under terms of which the Monthly Payment for such Mortgage Loan was due
      on
      a day other than the first day of the calendar month in which such Distribution
      Date occurs, the day during the related Due Period on which such Monthly Payment
      was due), in each case exclusive of any days of grace.

     

    “Due
      Period”: With respect to any Distribution Date, the period commencing on the
      second day of the month immediately preceding the month in which such
      Distribution Date occurs and ending on the first day of the month of such
      Distribution Date.

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a Depository
      Institution, (ii) an account or accounts the deposits in which are fully insured
      by the FDIC or (iii) a segregated non-interest bearing trust account or accounts
      maintained with the corporate trust department of a federal depository
      institution or state-chartered depository institution subject to regulations
      regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal
      Regulation Section 9.10(b), which, in either case, has corporate trust powers,
      acting in its fiduciary capacity.

     

    “[____]
      Mortgage Loan”: Each Mortgage Loan originated by [____].

     

    “[____]
      Mortgage Loan Purchase Agreement”: The agreement among [____], the Seller and
      the Depositor, regarding the sale of the [____] Mortgage Loans by the Seller
      to
      the Depositor, substantially in the form of Exhibit D-2 annexed
      hereto.

     

    “ERISA”:
      The Employee Retirement Income Security Act of 1974, as amended.

     

    “Estate
      in Real Property”: A fee simple estate in a parcel of land.

     

    “Excess
      Overcollateralized Amount”: With respect to the Class A Certificates and the
      Mezzanine Certificates and any Distribution Date, the excess, if any, of (i)
      the
      Overcollateralized Amount for such Distribution Date over (ii) the
      Overcollateralization Target Amount for such Distribution Date.

     

    “Expense
      Adjusted Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property), as of any date of determination, a per annum rate of interest equal
      to the applicable Mortgage Rate thereon as of the first day of the related
      Due
      Period minus the sum of (i) the Trustee Fee Rate and (ii) the Servicing Fee
      Rate.

     

    “Expense
      Adjusted Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the
      related REO Property), as of any date of determination, a per annum rate of
      interest equal to the applicable Maximum Mortgage Rate (or the applicable
      Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) thereon as of the
      first day of the related Due Period minus the sum of (i) the Trustee Fee Rate
      and (ii) the Servicing Fee Rate.

     

    “Extraordinary
      Trust Fund Expense”: Any amounts reimbursable to the Trustee or any director,
      officer, employee or agent of the Trustee from the Trust Fund pursuant to
      Section 8.05 or Section 10.01(c) and any amounts payable from the Distribution
      Account in respect of taxes pursuant to Section 10.01(g)(iii) and any costs
      of
      the Trustee for the recording of the Assignments pursuant to Section 2.01 (to
      the extent the related Originator is unable to pay such costs).

     

    “Fannie
      Mae”: Fannie Mae, formally known as the Federal National Mortgage Association,
      or any successor thereto.

     

    “FDIC”:
      Federal Deposit Insurance Corporation or any successor thereto.

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by an Originator,
      the Depositor or the Servicer pursuant to or as contemplated by Section 2.03,
      Section 3.16(c) or Section 9.01), a determination made by the Servicer that
      all
      Insurance Proceeds, Liquidation Proceeds and other payments or recoveries which
      the Servicer, in its reasonable good faith judgment, expects to be finally
      recoverable in respect thereof have been so recovered. The Servicer shall
      maintain records, prepared by a Servicing Officer, of each Final Recovery
      Determination made thereby.

     

    “Fitch”:
      Fitch Ratings, or its successor in interest.

     

    “Fixed-Rate
      Mortgage Loan”: Each of the Mortgage Loans identified on the Mortgage Loan
      Schedule as having a fixed Mortgage Rate.

     

    “Formula
      Rate”: For any Distribution Date and the Class A Certificates, the Mezzanine
      Certificates and, solely for purposes of calculating the Marker Rate, REMIC
      I
      Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular
      Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest
      I-LTM4 and REMIC I Regular Interest I-LTM5, the lesser of (i) One-Month LIBOR
      plus the related Certificate Margin and (ii) the Maximum Cap Rate.

     

    “Freddie
      Mac”: Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation,
      or any successor thereto.

     

    “Gross
      Margin”: With respect to each Adjustable-Rate Mortgage Loan, the fixed
      percentage set forth in the related Mortgage Note that is added to the Index
      on
      each Adjustment Date in accordance with the terms of the related Mortgage Note
      used to determine the Mortgage Rate for such Adjustable-Rate Mortgage
      Loan.

     

    “Independent”:
      When used with respect to any specified Person, any such Person who (a) is
      in
      fact independent of the Depositor, the Servicer, the Seller and their respective
      Affiliates, (b) does not have any direct financial interest in or any material
      indirect financial interest in the Depositor, the Servicer, the Seller or any
      Affiliate thereof, and (c) is not connected with the Depositor, the Servicer,
      the Seller or any Affiliate thereof as an officer, employee, promoter,
      underwriter, trustee, partner, director or Person performing similar functions;
      provided, however, that a Person shall not fail to be Independent of the
      Depositor, the Servicer, the Seller or any Affiliate thereof merely because
      such
      Person is the beneficial owner of 1% or less of any class of securities issued
      by the Depositor, the Servicer, the Seller or any Affiliate thereof, as the
      case
      may be.

     

    “Independent
      Contractor”: Either (i) any Person (other than the Servicer) that would be an
“independent contractor” with respect to REMIC I within the meaning of Section
      856(d)(3) of the Code if REMIC I were a real estate investment trust (except
      that the ownership tests set forth in that section shall be considered to be
      met
      by any Person that owns, directly or indirectly, 35% or more of any Class of
      Certificates), so long as REMIC I does not receive or derive any income from
      such Person and provided that the relationship between such Person and REMIC
      I
      is at arm’s length, all within the meaning of Treasury Regulation Section
      1.856-4(b)(5), or (ii) any other Person (including the Servicer) if the Trustee
      has received an Opinion of Counsel to the effect that the taking of any action
      in respect of any REO Property by such Person, subject to any conditions therein
      specified, that is otherwise herein contemplated to be taken by an Independent
      Contractor will not cause such REO Property to cease to qualify as “foreclosure
      property” within the meaning of Section 860G(a)(8) of the Code (determined
      without regard to the exception applicable for purposes of Section 860D(a)
      of
      the Code), or cause any income realized in respect of such REO Property to
      fail
      to qualify as Rents from Real Property.

     

    “Index”:
      With respect to each Adjustable-Rate Mortgage Loan and each related Adjustment
      Date, the index specified in the related Mortgage Note.

     

    “Insurance
      Proceeds”: Proceeds of any title policy, hazard policy or other insurance policy
      covering a Mortgage Loan, to the extent such proceeds are not to be applied
      to
      the restoration of the related Mortgaged Property or released to the Mortgagor
      in accordance with the procedures that the Servicer would follow in servicing
      mortgage loans held for its own account, subject to the terms and conditions of
      the related Mortgage Note and Mortgage.

     

    “Interest
      Accrual Period”: With respect to any Distribution Date and the Class A
      Certificates and the Mezzanine Certificates, the period commencing on the
      Distribution Date of the month immediately preceding the month in which such
      Distribution Date occurs (or, in the case of the first Distribution Date,
      commencing on the Closing Date) and ending on the day preceding such
      Distribution Date. With respect to any Distribution Date and the Class CE
      Interest and the REMIC I Regular Interests, the one-month period ending on
      the
      last day of the calendar month preceding the month in which such Distribution
      Date occurs.

     

    “Interest
      Carry Forward Amount”: With respect to any Distribution Date and the Class A
      Certificates or the Mezzanine Certificates, the sum of (i) the amount, if any,
      by which (a) the Interest Distribution Amount for such Class of Certificates
      as
      of the immediately preceding Distribution Date exceeded (b) the actual amount
      distributed on such Class of Certificates in respect of interest on such
      immediately preceding Distribution Date, (ii) the amount of any Interest Carry
      Forward Amount for such Class of Certificates remaining unpaid from the previous
      Distribution Date and (iii) accrued interest on the sum of (i) and (ii) above
      calculated at the related Pass-Through Rate for the most recently ended Interest
      Accrual Period.

     

    “Interest
      Determination Date”: With respect to the Class A Certificates, the Mezzanine
      Certificates, REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1,
      REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I
      Regular Interest I-LTM4 and REMIC I Regular Interest I-LTM5 and any Interest
      Accrual Period therefor, the second London Business Day preceding the
      commencement of such Interest Accrual Period.

     

    “Interest
      Distribution Amount”: With respect to any Distribution Date and the Class A
      Certificates, the Mezzanine Certificates and the Class CE Certificates, the
      aggregate Accrued Certificate Interest on the Certificates of such Class for
      such Distribution Date.

     

    “Interest
      Remittance Amount”: For any Distribution Date, that portion of the Available
      Distribution Amount for the related Distribution Date that represents interest
      received or advanced on the Mortgage Loans.

     

    “Late
      Collections”: With respect to any Mortgage Loan and any Due Period, all amounts
      received subsequent to the Determination Date immediately following such Due
      Period, whether as late payments of Monthly Payments or as Insurance Proceeds,
      Liquidation Proceeds or otherwise, which represent late payments or collections
      of principal and/or interest due (without regard to any acceleration of payments
      under the related Mortgage and Mortgage Note) but delinquent for such Due Period
      and not previously recovered.

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan; or (iii) such Mortgage Loan is removed from REMIC I, by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      by Section 2.03, Section 3.16(c) or Section 9.01. With respect to any REO
      Property, either of the following events: (i) a Final Recovery Determination
      is
      made as to such REO Property; or (ii) such REO Property is removed from REMIC
      I
      by reason of its being purchased pursuant to Section 9.01.

     

    “Liquidation
      Proceeds”: The amount (other than Insurance Proceeds or amounts received in
      respect of the rental of any REO Property prior to REO Disposition) received
      by
      the Servicer in connection with (i) the taking of all or a part of a Mortgaged
      Property by exercise of the power of eminent domain or condemnation, (ii) the
      liquidation of a defaulted Mortgage Loan through a trustee’s sale, foreclosure
      sale or otherwise, or (iii) the repurchase, substitution or sale of a Mortgage
      Loan or an REO Property pursuant to or as contemplated by Section 2.03, Section
      3.16(c), Section 3.23 or Section 9.01.

     

    “Loan-to-Value
      Ratio”: As of any date of determination, the fraction, expressed as a
      percentage, the numerator of which is the principal balance of the related
      Mortgage Loan at such date and the denominator of which is the Value of the
      related Mortgaged Property.

     

    “London
      Business Day”: Any day on which banks in the City of London are open and
      conducting transactions in United States dollars.

     

    “Marker
      Rate”: With respect to the Class CE Certificates and any Distribution Date, a
      per annum rate equal to two (2) times the weighted average of the REMIC I
      Remittance Rate for each of the REMIC I Regular Interests (other than REMIC
      I
      Regular Interest I-LTP), with the rate on each such REMIC I Regular Interest
      (other than REMIC I Regular Interest I-LTZZ) subject to a cap equal to the
      related Formula Rate for the purpose of this calculation for such Distribution
      Date and with the rate on REMIC I Regular Interest I-LTZZ subject to a cap
      of
      zero for the purpose of this calculation; provided, however, each cap shall
      be
      multiplied by a fraction, the numerator of which is the actual number of days
      in
      the related Interest Accrual Period and the denominator of which is
      30.

     

    “Maximum
      Cap Rate”: For any Distribution Date and the Class A Certificates and the
      Mezzanine Certificates, a per annum rate equal to the product of (x) the
      weighted average of the Expense Adjusted Maximum Mortgage Rates of the Mortgage
      Loans, weighted based on their Principal Balances as of the first day of the
      related Due Period and (y) a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days elapsed in the related
      Interest Accrual Period.

     

    “Maximum
      I-LTZZ Uncertificated Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (i) accrued interest at the REMIC I Remittance
      Rate applicable to REMIC I Regular Interest I-LTZZ for such Distribution Date
      on
      a balance equal to the Uncertificated Balance of REMIC I Regular Interest I-LTZZ
      minus the REMIC I Overcollateralized Amount, in each case for such Distribution
      Date, over (ii) Uncertificated Interest on REMIC I Regular Interest I-LTA,
      REMIC
      I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular
      Interest I-LTM3, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest
      I-LTM5 for such Distribution Date, with the rate on each of REMIC I Regular
      Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest
      I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4 and
      REMIC I Regular Interest I-LTM5 subject to a cap equal to the related Formula
      Rate; provided, however, each cap shall be multiplied by a fraction, the
      numerator of which is the actual number of days in the related Interest Accrual
      Period and the denominator of which is 30.

     

    “Maximum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the maximum Mortgage Rate
      thereunder.

     

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

     

    “MERS®
      System”: The system of recording transfers of Mortgages electronically
      maintained by MERS.

     

    “MIN”:
      The Mortgage Identification Number for Mortgage Loans registered with MERS
      on
      the MERS® System.

     

    “MOM
      Loan”: With respect to any [____] Mortgage Loan, MERS acting as the mortgagee of
      such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan
      and its successors and assigns, at the origination thereof.

     

    “Mezzanine
      Certificates”: The Class M-1 Certificates, the Class M-2 Certificates, the Class
      M-3 Certificates or the Class M-3 Interest, as applicable, the Class M-4
      Certificates or the Class M-4 Interest, as applicable and the Class M-5
      Certificates or the Class M-5 Interest, as applicable.

     

    “Minimum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the minimum Mortgage Rate
      thereunder.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan and (ii) any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the Servicer
      pursuant to Section 3.07 and (c) on the assumption that all other amounts,
      if
      any, due under such Mortgage Loan are paid when due.

     

    “Moody’s”:
      Moody’s Investors Service, Inc., or its successor in interest.

     

    “Mortgage”:
      The mortgage, deed of trust or other instrument creating a first lien on, or
      first priority security interest in, a Mortgaged Property securing a Mortgage
      Note.

     

    “Mortgage
      File”: The mortgage documents listed in Section 2.01 pertaining to a particular
      Mortgage Loan and any additional documents required to be added to the Mortgage
      File pursuant to this Agreement.

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee and delivered
      to the Trustee pursuant to Section 2.01 or Section 2.03(b) of this Agreement,
      as
      held from time to time as a part of the Trust Fund, the Mortgage Loans so held
      being identified in the Mortgage Loan Schedule.

     

    “Mortgage
      Loan Purchase Agreement”: The [____] Mortgage Loan Purchase Agreement or the
      [____] Mortgage Loan Purchase Agreement, as the context requires.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I
      on such date, attached hereto as Schedule 1. The Mortgage Loan Schedule shall
      set forth the following information with respect to each Mortgage
      Loan:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  the
      Originator of the Mortgage Loan;

     

    (iii)  the
      state
      and zip code;

     

    (iv)  a
      code
      indicating whether the Mortgaged Property is owner-occupied;

     

    (v)  the
      type
      of Residential Dwelling constituting the Mortgaged Property;

     

    (vi)  the
      original months to maturity;

     

    (vii)  the
      stated remaining months to maturity from the Cut-off Date based on the original
      amortization schedule;

     

    (viii)  the
      Loan-to-Value Ratio at origination;

     

    (ix)  the
      Mortgage Rate in effect immediately following the Cut-off Date;

     

    (x)  (A)
      the
      date on which the first Monthly Payment was due on the Mortgage Loan and (B)
      if
      such date is not consistent with the Due Date currently in effect, such Due
      Date;

     

    (xi)  the
      stated maturity date;

     

    (xii)  the
      amount of the Monthly Payment at origination;

     

    (xiii)  the
      amount of the Monthly Payment due on the first Due Date after the Cut-off
      Date;

     

    (xiv)  the
      last
      Due Date on which a Monthly Payment was actually applied to the unpaid Stated
      Principal Balance;

     

    (xv)  the
      original principal amount of the Mortgage Loan;

     

    (xvi)  the
      principal balance of the Mortgage Loan as of the close of business on the
      Cut-off Date;

     

    (xvii)  (xvii)a
      code
      indicating the purpose of the Mortgage Loan (i.e., purchase financing, Rate/Term
      Refinancing, Cash-Out Refinancing);

     

    (xviii)  with
      respect to each Adjustable-Rate Mortgage Loan, the Adjustment Dates, the Gross
      Margin, the Maximum Mortgage Rate, the Minimum Mortgage Rate, the Periodic
      Rate
      Cap, the maximum first Adjustment Date Mortgage Rate adjustment and the first
      Adjustment Date immediately following the Cut-off Date;

     

    (xix)  the
      Mortgage Rate at origination;

     

    (xx)  a
      code
      indicating the documentation program;

     

    (xxi)  the
      risk
      grade;

     

    (xxii)  the
      Value
      of the Mortgaged Property;

     

    (xxiii)  the
      sale
      price of the Mortgaged Property, if applicable;

     

    (xxiv)  the
      actual unpaid principal balance of the Mortgage Loan as of the Cut-off
      Date;

     

    (xxv)  a
      code
      indicating the type and term of the related Prepayment Charge;

     

    (xxvi)  with
      respect to each Adjustable-Rate Mortgage Loan, the rounding code (i.e., nearest
      0.125%, next highest 0.125%);

     

    (xxvii)  the
      program code; and

     

    (xxviii)  whether
      such Mortgage Loan is an Adjustable-Rate Mortgage Loan or a Fixed-Rate Mortgage
      Loan.

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      the Mortgage Loans in the aggregate as of the Cut-off Date: (1) the number
      of
      Mortgage Loans; (2) the current principal balance of the Mortgage Loans; (3)
      the
      weighted average Mortgage Rate of the Mortgage Loans and (4) the weighted
      average maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be
      amended from time to time by the Depositor in accordance with the provisions
      of
      this Agreement. With respect to any Qualified Substitute Mortgage Loan, the
      Cut-off Date shall refer to the related Cut-off Date for such Mortgage Loan,
      determined in accordance with the definition of Cut-off Date
      herein.

     

    “Mortgage
      Note”: The original executed note or other evidence of the indebtedness of a
      Mortgagor under a Mortgage Loan.

     

    “Mortgage
      Pool”: The pool of Mortgage Loans, identified on Schedule 1 and existing from
      time to time thereafter, and any REO Properties acquired in respect
      thereof.

     

    “Mortgage
      Rate”: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note, which rate (i) with respect to each
      Fixed-Rate Mortgage Loan shall remain constant at the rate set forth in the
      Mortgage Loan Schedule as the Mortgage Rate in effect immediately following
      the
      Cut-off Date and (ii) with respect to the Adjustable-Rate Mortgage Loans, (A)
      as
      of any date of determination until the first Adjustment Date following the
      Cut-off Date shall be the rate set forth in the Mortgage Loan Schedule as the
      Mortgage Rate in effect immediately following the Cut-off Date and (B) as of
      any
      date of determination thereafter shall be the rate as adjusted on the most
      recent Adjustment Date equal to the sum, rounded as provided in the Mortgage
      Note, of the Index, as most recently available as of a date prior to the
      Adjustment Date as set forth in the related Mortgage Note, plus the related
      Gross Margin; provided that the Mortgage Rate on such Adjustable-Rate Mortgage
      Loan on any Adjustment Date shall never be more than the lesser of (i) the
      sum
      of the Mortgage Rate in effect immediately prior to the Adjustment Date plus
      the
      related Periodic Rate Cap, if any, and (ii) the related Maximum Mortgage Rate,
      and shall never be less than the greater of (i) the Mortgage Rate in effect
      immediately prior to the Adjustment Date less the Periodic Rate Cap, if any,
      and
      (ii) the related Minimum Mortgage Rate. With respect to each Mortgage Loan
      that
      becomes an REO Property, as of any date of determination, the annual rate
      determined in accordance with the immediately preceding sentence as of the
      date
      such Mortgage Loan became an REO Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of an Estate in Real Property improved by a Residential
      Dwelling.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Monthly Excess Cashflow”: With respect to any Distribution Date, the sum of (i)
      any Overcollateralization Reduction Amount for such Distribution Date and (ii)
      the excess of (x) the Available Distribution Amount for such Distribution Date
      over (y) the sum for such Distribution Date of (A) the Senior Interest
      Distribution Amount payable to the holders of the Class A Certificates and
      the
      Interest Distribution Amount payable to the holders of the Mezzanine
      Certificates and (B) the Principal Remittance Amount.

     

    “Net
      Mortgage Rate”: With respect to any Mortgage Loan (or the related REO Property)
      as of any date of determination, a per annum rate of interest equal to the
      then
      applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee
      Rate.

     

    “Net
      WAC
      Pass-Through Rate”: With respect to the Class A Certificates and the Mezzanine
      Certificates and any Distribution Date, a rate per annum equal to the product
      of
      (x) the weighted average of the Expense Adjusted Mortgage Rates of the Mortgage
      Loans, weighted based on their Stated Principal Balances as of the first day
      of
      the related Due Period and (y) a fraction, the numerator of which is 30 and
      the
      denominator of which is the actual number of days elapsed in the related
      Interest Accrual Period. With respect to each REMIC I Regular Interest and
      any
      Distribution Date, a rate per annum equal to the weighted average of the Expense
      Adjusted Mortgage Rates of the Mortgage Loans, weighted based on their Stated
      Principal Balances as of the first day of the related Due Period.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to any Class of the Class A Certificates
      and the Mezzanine Certificates and any Distribution Date, the sum of (A) the
      positive excess of (i) the amount of interest accrued on such Class of
      Certificates for such Distribution Date calculated at the related Formula Rate
      for such Distribution Date over (ii) the amount of interest accrued on such
      Class of Certificates at the applicable Net WAC Pass-Through Rate for such
      Distribution Date and (B) the related Net WAC Rate Carryover Amount for the
      previous Distribution Date not previously paid, together with interest thereon
      at a rate equal to the related Formula Rate for such Class of Certificates
      for
      such Distribution Date.

     

    “Net
      WAC
      Rate Carryover Reserve Account”: As defined in Section 3.27.

     

    “New
      Lease”: Any lease of REO Property entered into on behalf of REMIC I, including
      any lease renewed or extended on behalf of REMIC I, if REMIC I has the right
      to
      renegotiate the terms of such lease.

     

    “Nonrecoverable
      Advance”: Any Advance previously made or proposed to be made in respect of a
      Mortgage Loan or REO Property that, in the good faith business judgment of
      the
      Servicer, will not or, in the case of a proposed Advance, would not be
      ultimately recoverable from related Late Collections, Insurance Proceeds or
      Liquidation Proceeds on such Mortgage Loan or REO Property as provided
      herein.

     

    “Nonrecoverable
      Servicing Advance”: Any Servicing Advance previously made or proposed to be made
      in respect of a Mortgage Loan or REO Property that, in the good faith business
      judgment of the Servicer, will not or, in the case of a proposed Servicing
      Advance, would not be ultimately recoverable from related Late Collections,
      Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property
      as provided herein.

     

    “Non-United
      States Person”: Any Person other than a United States Person.

     

    “Notional
      Amount”: With respect to the Class CE Interest and any Distribution Date, the
      aggregate Uncertificated Balance of the REMIC I Regular Interests for such
      Distribution Date.

     

    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president (however denominated),
      and by the Treasurer, the Secretary, or one of the assistant treasurers or
      assistant secretaries of the Servicer, the Seller or the Depositor, as
      applicable.

     

    “One-Month
      LIBOR”: With respect to the Class A Certificates, the Mezzanine Certificates and
      for purposes of the Formula Rate, REMIC I Regular Interest I-LTA, REMIC I
      Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular
      Interest I-LTM3, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest
      I-LTM5 and any Interest Accrual Period therefor, the rate determined by the
      Trustee on the related Interest Determination Date on the basis of the offered
      rate for one-month U.S. dollar deposits, as such rate appears on Telerate Page
      3750 as of 11:00 a.m. (London time) on such Interest Determination Date;
      provided that if such rate does not appear on Telerate Page 3750, the rate
      for
      such date will be determined on the basis of the offered rates of the Reference
      Banks for one-month U.S. dollar deposits, as of 11:00 a.m. (London time) on
      such
      Interest Determination Date. In such event, the Trustee will request the
      principal London office of each of the Reference Banks to provide a quotation
      of
      its rate. If on such Interest Determination Date, two or more Reference Banks
      provide such offered quotations, One-Month LIBOR for the related Interest
      Accrual Period shall be the arithmetic mean of such offered quotations (rounded
      upwards if necessary to the nearest whole multiple of 1/16%). If on such
      Interest Determination Date, fewer than two Reference Banks provide such offered
      quotations, One-Month LIBOR for the related Interest Accrual Period shall be
      the
      higher of (i) LIBOR as determined on the previous Interest Determination Date
      and (ii) the Reserve Interest Rate. Notwithstanding the foregoing, if, under
      the
      priorities described above, LIBOR for an Interest Determination Date would
      be
      based on LIBOR for the previous Interest Determination Date for the third
      consecutive Interest Determination Date, the Trustee, after consultation with
      the Depositor, shall select an alternative comparable index (over which the
      Trustee has no control), used for determining one-month Eurodollar lending
      rates
      that is calculated and published (or otherwise made available) by an independent
      party.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may, without limitation, be
      salaried counsel for the Depositor or the Servicer, acceptable to the Trustee,
      if such opinion is delivered to the Trustee, except that any opinion of counsel
      relating to (a) the qualification of any Trust REMIC as a REMIC or (b)
      compliance with the REMIC Provisions must be an opinion of Independent
      counsel.

     

    “Original
      Mortgage Loan”: Any of the Mortgage Loans included in REMIC I as of the Closing
      Date.

     

    “Originator”:
      Either (i) [____] or its successor in interest, in its capacity as originator
      under the [____] Mortgage Loan Purchase Agreement or (ii) [____] or its
      successor in interest, in its capacity as originator under the [____] Mortgage
      Loan Purchase Agreement, as the context requires.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the excess, if any,
      of (a) the Overcollateralization Target Amount applicable to such Distribution
      Date over (b) the Overcollateralized Amount applicable to such Distribution
      Date
      (calculated for this purpose only, after taking into account the distributions
      to be made of the Principal Remittance Amount on such Distribution
      Date).

     

    “Overcollateralization
      Increase Amount”: With respect to any Distribution Date, the lesser of (a) the
      Overcollateralization Deficiency Amount as of such Distribution Date (after
      taking into account the payment of the Principal Distribution Amount on such
      Distribution Date, exclusive of the payment of any Overcollateralization
      Increase Amount) and (b) the amount of Accrued Certificate Interest payable
      on
      the Class CE Certificates on such Distribution Date as reduced by Realized
      Losses allocated thereto with respect to such Distribution Date pursuant to
      Section 4.04.

     

    “Overcollateralization
      Reduction Amount”: With respect to any Distribution Date, an amount equal to the
      lesser of (a) the Principal Remittance Amount on such Distribution Date and
      (b)
      the excess, if any, of (i) the Overcollateralized Amount for such Distribution
      Date (calculated for this purpose only after assuming that 100% of the Principal
      Remittance Amount on such Distribution Date have been distributed) over (ii)
      the
      Overcollateralization Target Amount for such Distribution Date.

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date, (i) prior to the Stepdown
      Date, an amount equal to $[__], (ii) on or after the Stepdown Date provided
      a
      Trigger Event is not in effect, the greater of (x) [__]% of the then current
      aggregate outstanding principal balance of the Mortgage Loans as of the last
      day
      of the related Due Period and (y) $[__], or (iii) on or after the Stepdown
      Date
      and if a Trigger Event is in effect, the Overcollateralization Target Amount
      for
      the immediately preceding Distribution Date.

     

    “Overcollateralized
      Amount”: With respect to any Distribution Date, the excess, if any, of (a) the
      aggregate Stated Principal Balances of the Mortgage Loans and REO Properties
      as
      of the last day of the related Due Period over (b) the sum of the aggregate
      Certificate Principal Balances of the Class A Certificates, the Mezzanine
      Certificates and the Class P Certificates after giving effect to distributions
      to be made on such Distribution Date.

     

    “Ownership
      Interest”: As to any Certificate, any ownership or security interest in such
      Certificate, including any interest in such Certificate as the Holder thereof
      and any other interest therein, whether direct or indirect, legal or beneficial,
      as owner or as pledgee.

     

    “Pass-Through
      Rate”: With respect to the Class A Certificates and the Mezzanine Certificates
      and any Distribution Date, a rate per annum equal to the lesser of (i) the
      related Formula Rate for such Distribution Date and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date. With respect to the Class CE
      Interest and any Distribution Date, a rate per annum equal to the percentage
      equivalent of a fraction, the numerator of which is the sum of the amounts
      calculated pursuant to clauses (A) through (I) below, and the denominator of
      which is the Uncertificated Balance of the REMIC I Regular Interests. For
      purposes of calculating the Pass-Through Rate for the Class CE Interest, the
      numerator is equal to the sum of the following components:

     

    (A)  the
      REMIC
      I Remittance Rate for REMIC I Regular Interest I-LTAA minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC I Regular
      Interest I-LTAA;

     

    (B)  the
      REMIC
      I Remittance Rate for REMIC I Regular Interest I-LTA minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC I Regular
      Interest I-LTA;

     

    (C)  the
      REMIC
      I Remittance Rate for REMIC I Regular Interest I-LTM1 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC I Regular
      Interest I-LTM1;

     

    (D)  the
      REMIC
      I Remittance Rate for REMIC I Regular Interest I-LTM2 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC I Regular
      Interest I-LTM2;

     

    (E)  the
      REMIC
      I Remittance Rate for REMIC I Regular Interest I-LTM3 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC I Regular
      Interest I-LTM3;

     

    (F)  the
      REMIC
      I Remittance Rate for REMIC I Regular Interest I-LTM4 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC I Regular
      Interest I-LTM4;

     

    (G)  the
      REMIC
      I Remittance Rate for REMIC I Regular Interest I-LTM5 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC I Regular
      Interest I-LTM5;

     

    (H)  the
      REMIC
      I Remittance Rate for REMIC I Regular Interest I-LTZZ minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC I Regular
      Interest I-LTZZ; and

     

    (I)  100%
      of
      the interest on REMIC I Regular Interest I-LTP.

     

    With
      respect to the Class CE Certificates, 100% of the interest payable to the Class
      CE Interest.

     

    “Percentage
      Interest”: With respect to any Class of Certificates (other than the Residual
      Certificates), the undivided percentage ownership in such Class evidenced by
      such Certificate, expressed as a percentage, the numerator of which is the
      initial Certificate Principal Balance or Notional Amount represented by such
      Certificate and the denominator of which is the aggregate initial Certificate
      Principal Balance or initial Notional Amount of all of the Certificates of
      such
      Class. The Class A Certificates and the Mezzanine Certificates are issuable
      only
      in minimum Percentage Interests corresponding to minimum initial Certificate
      Principal Balances of $100,000 and integral multiples of $1.00 in thereof.
      The
      Class P Certificates are issuable only in Percentage Interests corresponding
      to
      initial Certificate Principal Balances of $20 and integral multiples thereof.
      The Class CE Certificates are issuable only in minimum Percentage Interests
      corresponding to minimum initial Certificate Principal Balances of $100,000
      and
      integral multiples of $1.00 in thereof; provided, however, that a single
      Certificate of each such Class of Certificates may be issued having a Percentage
      Interest corresponding to the remainder of the aggregate initial Certificate
      Principal Balance or Notional Amount of such Class or to an otherwise authorized
      denomination for such Class plus such remainder. With respect to any Residual
      Certificate, the undivided percentage ownership in such Class evidenced by
      such
      Certificate, as set forth on the face of such Certificate. The Residual
      Certificates are issuable in Percentage Interests of 20% and multiples
      thereof.

     

    “Periodic
      Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
      Date therefor, the fixed percentage set forth in the related Mortgage Note,
      which is the maximum amount by which the Mortgage Rate for such Mortgage Loan
      may increase or decrease (without regard to the Maximum Mortgage Rate or the
      Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect
      immediately prior to such Adjustment Date.

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued by the Depositor, the Servicer, the Trustee or any of their respective
      Affiliates:

     

    (i)  direct
      obligations of, or obligations fully guaranteed as to timely payment of
      principal and interest by, the United States or any agency or instrumentality
      thereof, provided such obligations are backed by the full faith and credit
      of
      the United States;

     

    (ii)  demand
      and time deposits in, certificates of deposit of, or bankers’ acceptances issued
      by, any Depository Institution;

     

    (iii)  repurchase
      obligations with respect to any security described in clause (i) above entered
      into with a Depository Institution (acting as principal);

     

    (iv)  securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America or any state thereof
      and that are rated by each Rating Agency that rates such securities in its
      highest long-term unsecured rating categories at the time of such investment
      or
      contractual commitment providing for such investment;

     

    (v)  commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by each Rating
      Agency that rates such securities in its highest short-term unsecured debt
      rating available at the time of such investment;

     

    (vi)  units
      of
      money market funds that have been rated “AAA” by Fitch (if rated by Fitch) and
“AAAm” or “AAAm-G” by S&P or “Aaa” by Moody’s; and

     

    (vii)  if
      previously confirmed in writing to the Trustee, any other demand, money market
      or time deposit, or any other obligation, security or investment, as may be
      acceptable to the Rating Agencies as a permitted investment of funds backing
      securities having ratings equivalent to its highest initial rating of the Class
      A Certificates;

     

    provided,
      however, that no instrument described hereunder shall evidence either the right
      to receive (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from obligations
      underlying such instrument and the interest and principal payments with respect
      to such instrument provide a yield to maturity at par greater than 120% of
      the
      yield to maturity at par of the underlying obligations.

     

    “Permitted
      Transferee”: Any Transferee of a Residual Certificate other than a Disqualified
      Organization or Non-United States Person.

     

    “Person”:
      Any individual, corporation, partnership, limited liability company, joint
      venture, association, joint-stock company, trust, unincorporated organization
      or
      government or any agency or political subdivision thereof.

     

    “Plan”:
      Any employee benefit plan or certain other retirement plans and arrangements,
      including individual retirement accounts and annuities, Keogh plans and bank
      collective investment funds and insurance company general or separate accounts
      in which such plans, accounts or arrangements are invested, that are subject
      to
      ERISA or Section 4975 of the Code.

     

    “Prepayment
      Assumption”: A prepayment rate for the Mortgage Loans of [__]% CPR. The
      Prepayment Assumption is used solely for determining the accrual of original
      issue discount on the Certificates for federal income tax purposes. A CPR (or
      Constant Prepayment Rate) represents an annualized constant assumed rate of
      prepayment each month of a pool of mortgage loans relative to its outstanding
      principal balance for the life of such pool.

     

    “Prepayment
      Charge”: With respect to any Prepayment Period, any prepayment premium, penalty
      or charge payable by a Mortgagor in connection with any Principal Prepayment
      on
      a Mortgage Loan pursuant to the terms of the related Mortgage Note (other than
      any Servicer Prepayment Charge Payment Amount).

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges included in the
      Trust Fund on such date, attached hereto as Schedule 2 (including the prepayment
      charge summary attached thereto). The Prepayment Charge Schedule shall set
      forth
      the following information with respect to each Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  a
      code
      indicating the type of Prepayment Charge;

     

    (iii)  the
      date
      on which the first Monthly Payment was due on the related Mortgage
      Loan;

     

    (iv)  the
      term
      of the related Prepayment Charge;

     

    (v)  the
      original Stated Principal Balance of the related Mortgage Loan; and

     

    (vi)  the
      Stated Principal Balance of the related Mortgage Loan as of the Cut-off
      Date.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was during the related Prepayment Period the subject of a Principal
      Prepayment in full that was applied by the Servicer to reduce the outstanding
      principal balance of such loan on a date preceding the Due Date in the
      succeeding Prepayment Period, an amount equal to interest at the applicable
      Net
      Mortgage Rate on the amount of such Principal Prepayment for the number of
      days
      commencing on the date on which the prepayment is applied and ending on the
      last
      day of the related Prepayment Period. The obligations of the Servicer in respect
      of any Prepayment Interest Shortfall are set forth in Section 3.24.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the calendar month preceding the
      calendar month in which such Distribution Date occurs.

     

    “Principal
      Balance”: As to any Mortgage Loan other than a Liquidated Mortgage Loan, and any
      day, the related Stated Principal Balance as of the Cut-off Date, minus
      all
      collections credited against the Principal Balance of any such Mortgage Loan.
      For purposes of this definition, a Liquidated Mortgage Loan shall be deemed
      to
      have a Principal Balance equal to the Principal Balance of the related Mortgage
      Loan as of the final recovery of related Liquidation Proceeds and a Principal
      Balance of zero thereafter. As to any REO Property and any day, the Principal
      Balance of the related Mortgage Loan immediately prior to such Mortgage Loan
      becoming REO Property minus any REO Principal Amortization received with respect
      thereto on or prior to such day.

     

    “Principal
      Distribution Amount”: With respect to any Distribution Date, the sum
      of:

     

    (i)  the
      principal portion of each Monthly Payment on the Mortgage Loans due during
      the
      related Due Period, whether or not received on or prior to the related
      Determination Date;

     

    (ii)  the
      Stated Principal Balance of any Mortgage Loan that was purchased during the
      related Prepayment Period pursuant to or as contemplated by Section 2.03,
      Section 3.16(c) or Section 9.01 and the amount of any shortfall deposited in
      the
      Collection Account in connection with the substitution of a Deleted Mortgage
      Loan pursuant to Section 2.03 during the related Prepayment Period;

     

    (iii)  the
      principal portion of all other unscheduled collections (including, without
      limitation, Principal Prepayments, Insurance Proceeds, Liquidation Proceeds
      and
      REO Principal Amortization) received during the related Prepayment Period,
      net
      of any portion thereof that represents a recovery of principal for which an
      Advance was made by the Servicer pursuant to Section 4.03 in respect of a
      preceding Distribution Date; and

     

    (iv)  the
      amount of any Overcollateralization Increase Amount for such Distribution Date;
      minus

     

    (v)  the
      amount of any Overcollateralization Reduction Amount for such Distribution
      Date.

     

    “Principal
      Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
      which is received in advance of its scheduled Due Date and which is not
      accompanied by an amount of interest representing the full amount of scheduled
      interest due on any Due Date in any month or months subsequent to the month
      of
      prepayment.

     

    “Principal
      Remittance Amount”: The sum of the amounts set forth in (i) through (iii) of the
      definition of Principal Distribution Amount.

     

    “Private
      Certificates”: As defined in Section 5.02(b).

     

    “PTCE”:
      A
      Prohibited Transaction Class Exemption issued by the United States Department
      of
      Labor which provides that exemptive relief is available to any party to any
      transaction which satisfies the conditions of the exemption.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, Section 3.16(c) or Section
      9.01,
      and as confirmed by a certification from a Servicing Officer to the Trustee,
      an
      amount equal to the sum of (i) 100% of the Stated Principal Balance thereof
      as
      of the date of purchase (or such other price as provided in Section 9.01),
      (ii)
      in the case of (x) a Mortgage Loan, accrued interest on such Stated Principal
      Balance at the applicable Net Mortgage Rate in effect from time to time from
      the
      Due Date as to which interest was last covered by a payment by the Mortgagor
      or
      an Advance by the Servicer, which payment or Advance had as of the date of
      purchase been distributed pursuant to Section 4.01, through the end of the
      calendar month in which the purchase is to be effected plus and (y) an REO
      Property, the sum of (1) accrued interest on such Stated Principal Balance
      at
      the applicable Net Mortgage Rate in effect from time to time from the Due Date
      as to which interest was last covered by a payment by the Mortgagor or an
      Advance by the Servicer through the end of the calendar month immediately
      preceding the calendar month in which such REO Property was acquired, plus
      (2)
      REO Imputed Interest for such REO Property for each calendar month commencing
      with the calendar month in which such REO Property was acquired and ending
      with
      the calendar month in which such purchase is to be effected, net of the total
      of
      all net rental income, Insurance Proceeds, Liquidation Proceeds and Advances
      that as of the date of purchase had been distributed as or to cover REO Imputed
      Interest pursuant to Section 4.01, (iii) any unreimbursed Servicing Advances
      and
      Advances (including Nonrecoverable Advances and Nonrecoverable Servicing
      Advances) and any unpaid Servicing Fees allocable to such Mortgage Loan or
      REO
      Property, (iv) any amounts previously withdrawn from the Collection Account
      in
      respect of such Mortgage Loan or REO Property pursuant to Section 3.11(a)(ix)
      and Section 3.16(b), and (v) in the case of a Mortgage Loan required to be
      purchased pursuant to Section 2.03, expenses reasonably incurred or to be
      incurred by the Servicer or the Trustee in respect of the breach or defect
      giving rise to the purchase obligation including, except for any Mortgage Loan
      repurchased pursuant to Section 3.16(c), any costs and damages incurred by
      the
      Trust Fund in connection with any violation by such loan of any predatory or
      abusive lending law.

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan pursuant to the terms of this Agreement which must, on the date of such
      substitution, (i) have an outstanding principal balance, after application
      of
      all scheduled payments of principal and interest due during or prior to the
      month of substitution, not in excess of the Stated Principal Balance of the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) have a Mortgage Rate not less than (and not more
      than
      one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage
      Loan, (iii) with respect to any Adjustable-Rate Mortgage Loan, have a Maximum
      Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage
      Loan, (iv) with respect to any Adjustable-Rate Mortgage Loan, have a Minimum
      Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage
      Loan, (v) with respect to any Adjustable-Rate Mortgage Loan, have a Gross Margin
      equal to the Gross Margin of the Deleted Mortgage Loan, (vi) with respect to
      any
      Adjustable-Rate Mortgage Loan, have a next Adjustment Date not more than two
      months later than the next Adjustment Date on the Deleted Mortgage Loan, (vii)
      have a remaining term to maturity not greater than (and not more than one year
      less than) that of the Deleted Mortgage Loan, (viii) have the same Due Date
      as
      the Due Date on the Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio
      as of
      the date of substitution equal to or lower than the Loan-to-Value Ratio of
      the
      Deleted Mortgage Loan as of such date, (x) have a risk grading determined by
      the
      originator of the Mortgage Loan at least equal to the risk grading assigned
      on
      the Deleted Mortgage Loan and (xi) conform to each representation and warranty
      set forth in Section 6 of the Mortgage Loan Purchase Agreement applicable to
      the
      Deleted Mortgage Loan. In the event that one or more mortgage loans are
      substituted for one or more Deleted Mortgage Loans, the amounts described in
      clause (i) hereof shall be determined on the basis of aggregate principal
      balances, the Mortgage Rates described in clause (ii) hereof shall be determined
      on the basis of weighted average Mortgage Rates, the terms described in clause
      (vii) hereof shall be determined on the basis of weighted average remaining
      term
      to maturity, the Loan-to-Value Ratios described in clause (ix) hereof shall
      be
      satisfied as to each such mortgage loan, the risk gradings described in clause
      (x) hereof shall be satisfied as to each such mortgage loan and, except to
      the
      extent otherwise provided in this sentence, the representations and warranties
      described in clause (xi) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be.

     

    “Rate/Term
      Refinancing”: A Refinanced Mortgage Loan, the proceeds of which are not more
      than a nominal amount in excess of the existing first mortgage loan and any
      subordinate mortgage loan on the related Mortgaged Property and related closing
      costs, and were used exclusively (except for such nominal amount) to satisfy
      the
      then existing first mortgage loan and any subordinate mortgage loan of the
      Mortgagor on the related Mortgaged Property and to pay related closing
      costs.

     

    “Rating
      Agency or Rating Agencies”: Fitch, Moody’s and S&P or their successors. If
      such agencies or their successors are no longer in existence, “Rating Agencies”
shall be such nationally recognized statistical rating agencies, or other
      comparable Persons, designated by the Depositor, notice of which designation
      shall be given to the Trustee and the Servicer.

     

    “Realized
      Loss”: With respect to each Mortgage Loan as to which a Final Recovery
      Determination has been made, an amount (not less than zero) equal to (i) the
      unpaid principal balance of such Mortgage Loan as of the commencement of the
      calendar month in which the Final Recovery Determination was made, plus (ii)
      accrued interest from the Due Date as to which interest was last paid by the
      Mortgagor through the end of the calendar month in which such Final Recovery
      Determination was made, calculated in the case of each calendar month during
      such period (A) at an annual rate equal to the annual rate at which interest
      was
      then accruing on such Mortgage Loan and (B) on a principal amount equal to
      the
      Stated Principal Balance of such Mortgage Loan as of the close of business
      on
      the Distribution Date during such calendar month, plus (iii) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan pursuant to Section 3.11(a)(ix) and Section 3.16(b), minus (iv) the
      proceeds, if any, received in respect of such Mortgage Loan during the calendar
      month in which such Final Recovery Determination was made, net of amounts that
      are payable therefrom to the Servicer with respect to such Mortgage Loan
      pursuant to Section 3.11(a)(iii).

     

    With
      respect to any REO Property as to which a Final Recovery Determination has
      been
      made, an amount (not less than zero) equal to (i) the unpaid principal balance
      of the related Mortgage Loan as of the date of acquisition of such REO Property
      on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which
      interest was last paid by the Mortgagor in respect of the related Mortgage
      Loan
      through the end of the calendar month immediately preceding the calendar month
      in which such REO Property was acquired, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on the related Mortgage Loan and (B) on a principal
      amount equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the close of business on the Distribution Date during such calendar month,
      plus
      (iii) REO Imputed Interest for such REO Property for each calendar month
      commencing with the calendar month in which such REO Property was acquired
      and
      ending with the calendar month in which such Final Recovery Determination was
      made, plus (iv) any amounts previously withdrawn from the Collection Account
      in
      respect of the related Mortgage Loan pursuant to Section 3.11(a)(ix) and Section
      3.16(b), minus (v) the aggregate of all Advances and Servicing Advances (in
      the
      case of Servicing Advances, without duplication of amounts netted out of the
      rental income, Insurance Proceeds and Liquidation Proceeds described in clause
      (vi) below) made by the Servicer in respect of such REO Property or the related
      Mortgage Loan for which the Servicer has been or, in connection with such Final
      Recovery Determination, will be reimbursed pursuant to Section 3.23 out of
      rental income, Insurance Proceeds and Liquidation Proceeds received in respect
      of such REO Property, minus (vi) the total of all net rental income, Insurance
      Proceeds and Liquidation Proceeds received in respect of such REO Property
      that
      has been, or in connection with such Final Recovery Determination, will be
      transferred to the Distribution Account pursuant to Section 3.23.

     

    With
      respect to each Mortgage Loan which has become the subject of a Deficient
      Valuation, the difference between the principal balance of the Mortgage Loan
      outstanding immediately prior to such Deficient Valuation and the principal
      balance of the Mortgage Loan as reduced by the Deficient Valuation.

     

    With
      respect to each Mortgage Loan which has become the subject of a Debt Service
      Reduction, the portion, if any, of the reduction in each affected Monthly
      Payment attributable to a reduction in the Mortgage Rate imposed by a court
      of
      competent jurisdiction. Each such Realized Loss shall be deemed to have been
      incurred on the Due Date for each affected Monthly Payment.

     

    “Record
      Date”: With respect to each Distribution Date and any Book-Entry Certificate,
      the Business Day immediately preceding such Distribution Date. With respect
      to
      each Distribution Date and any other Certificates, including any Definitive
      Certificates, the last Business Day of the month immediately preceding the
      month
      in which such Distribution Date occurs.

     

    “Reference
      Banks”: Deutsche Bank AG, Barclays’ Bank PLC, The Tokyo Mitsubishi Bank and
      National Westminster Bank PLC and their successors in interest; provided,
      however, that if any of the foregoing banks are not suitable to serve as a
      Reference Bank, then any leading banks selected by the Trustee, after
      consultation with the Depositor, which are engaged in transactions in Eurodollar
      deposits in the international Eurocurrency market (i) with an established place
      of business in London and (ii) not controlling, under the control of or under
      common control with the Depositor or any Affiliate thereof.

     

    “Refinanced
      Mortgage Loan”: A Mortgage Loan the proceeds of which were not used to purchase
      the related Mortgaged Property.

     

    “Regular
      Certificate”: Any Class A Certificate, Mezzanine Certificate, Class CE
      Certificate or Class P Certificate.

     

    “Regular
      Interest”: A “regular interest” in a REMIC within the meaning of Section
      860G(a)(1) of the Code.

     

    “Relief
      Act”: The Soldiers’ and Sailors’ Civil Relief Act of 1940, as
      amended.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date and any Mortgage
      Loan, any reduction in the amount of interest collectible on such Mortgage
      Loan
      for the most recently ended calendar month as a result of the application of
      the
      Relief Act.

     

    “REMIC”:
      A “real estate mortgage investment conduit” within the meaning of Section 860D
      of the Code.

     

    “REMIC
      I”: The segregated pool of assets subject hereto, constituting one of the
      primary trusts created hereby and to be administered hereunder, with respect
      to
      which a REMIC election is to be made, consisting of: (i) such Mortgage Loans
      and
      Prepayment Charges related thereto as from time to time are subject to this
      Agreement, together with the Mortgage Files relating thereto, and together
      with
      all collections thereon and proceeds thereof; (ii) any REO Property, together
      with all collections thereon and proceeds thereof; (iii) the Trustee’s rights
      with respect to the Mortgage Loans under all insurance policies required to
      be
      maintained pursuant to this Agreement and any proceeds thereof; (iv) the
      Depositor’s rights under each Mortgage Loan Purchase Agreement (including any
      security interest created thereby); (v) the Collection Account (other than
      any
      amounts representing any Servicer Prepayment Charge Payment Amount), the
      Distribution Account (other than any amounts representing any Servicer
      Prepayment Charge Payment Amount) and any REO Account, and such assets that
      are
      deposited therein from time to time and any investments thereof, together with
      any and all income, proceeds and payments with respect thereto. Notwithstanding
      the foregoing, however, REMIC I specifically excludes all payments and other
      collections of principal and interest due on the Mortgage Loans on or before
      the
      Cut-off Date, all Prepayment Charges payable in connection with Principal
      Prepayments on the Mortgage Loans made before the Cut-off Date and the Net
      WAC
      Rate Carryover Reserve Account.

     

    “REMIC
      I
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount (subject to adjustment based on the actual number of days elapsed in
      the
      respective Interest Accrual Periods for the indicated Regular Interests for
      such
      Distribution Date) equal to (a) the product of (i) the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties then outstanding
      and
      (ii) the REMIC I Remittance Rate for REMIC I Regular Interest I-LTAA minus
      the
      Marker Rate, divided by (b) 12.

     

    “REMIC
      I
      Overcollateralized Amount”: With respect to any date of determination, (i) 1% of
      the aggregate Uncertificated Balances of the REMIC I Regular Interests minus
      (ii) the aggregate of the Uncertificated Balances of REMIC I Regular Interest
      I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC
      I
      Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular
      Interest I-LTM5 and REMIC I Regular Interest I-LTP, in each case as of such
      date
      of determination.

     

    “REMIC
      I
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction,
      the numerator of which is two times the aggregate of the Uncertificated Balances
      of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I
      Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular
      Interest I-LTM4 and REMIC I Regular Interest I-LTM5 and the denominator of
      which
      is the aggregate of the Uncertificated Balances of REMIC I Regular Interest
      I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC
      I
      Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular
      Interest I-LTM5 and REMIC I Regular Interest I-LTZZ.

     

    “REMIC
      I
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC I issued hereunder and designated as a “regular interest” in
      REMIC I. Each REMIC I Regular Interest shall accrue interest at the related
      REMIC I Remittance Rate in effect from time to time or shall otherwise be
      entitled to interest as set forth herein, and shall be entitled to distributions
      of principal, subject to the terms and conditions hereof, in an aggregate amount
      equal to its initial Uncertificated Balance as set forth in the Preliminary
      Statement hereto. The designations for the respective REMIC I Regular Interests
      are set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest I-LTAA”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTAA shall accrue interest
      at
      the related REMIC I Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest I-LTA”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTA shall accrue interest at
      the
      related REMIC I Remittance Rate in effect from time to time, and shall be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest I-LTM1”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTM1 shall accrue interest
      at
      the related REMIC I Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest I-LTM2”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTM2 shall accrue interest
      at
      the related REMIC I Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest I-LTM3”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTM3 shall accrue interest
      at
      the related REMIC I Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest I-LTM4”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTM4 shall accrue interest
      at
      the related REMIC I Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest I-LTM5”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTM5 shall accrue interest
      at
      the related REMIC I Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest I-LTP”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTP shall be entitled to any
      Prepayment Charges collected by the Servicer and to a distribution of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

     

    “REMIC
      I
      Regular Interest I-LTZZ”: One of the separate non-certificated beneficial
      ownership interests in REMIC I issued hereunder and designated as a Regular
      Interest in REMIC I. REMIC I Regular Interest I-LTZZ shall accrue interest
      at
      the related REMIC I Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      I
      Remittance Rate”: With respect to each REMIC I Regular Interest and any
      Distribution Date, the Net WAC Pass-Through Rate.

     

    “REMIC
      I
      Required Overcollateralized Amount”: 1% of the Overcollateralization Target
      Amount.

     

    “REMIC
      II”: The segregated pool of assets consisting of all of the REMIC I Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Class A
      Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class
      M-3 Interest, the Class M-4 Interest, the Class M-5 Interest, the Class CE
      Interest, the Class P Interest and the Class R-II Interest and all amounts
      deposited therein, with respect to which a separate REMIC election is to be
      made.

     

    “REMIC
      III”: The segregated pool of assets consisting of the Class M-3 Interest
      conveyed in trust to the Trustee, for the benefit of the Class M-3 Certificates
      and the Class R-III Interest and all amounts deposited therein, with respect
      to
      which a separate REMIC election is to be made.

     

    “REMIC
      IV”: The segregated pool of assets consisting of the Class M-4 Interest conveyed
      in trust to the Trustee, for the benefit of the Class M-4 Certificates and
      the
      Class R-IV Interest and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      V”: The segregated pool of assets consisting of the Class M-5 Interest conveyed
      in trust to the Trustee, for the benefit of the Class M-5 Certificates and
      the
      Class R-V Interest and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      VI”: The segregated pool of assets consisting of the Class CE Interest conveyed
      in trust to the Trustee, for the benefit of the Class CE Certificates and the
      Class R-VI Interest and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      VII”: The segregated pool of assets consisting of the Class P Interest conveyed
      in trust to the Trustee, for the benefit of the Class P Certificates and the
      Class R-VII Interest and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      Provisions”: Provisions of the federal income tax law relating to real estate
      mortgage investment conduits, which appear at Section 860A through 860G of
      the
      Code, and related provisions, and proposed, temporary and final regulations
      and
      published rulings, notices and announcements promulgated thereunder, as the
      foregoing may be in effect from time to time.

     

    “Remittance
      Report”: A report in form and substance acceptable to the Trustee on an
      electronic data file or tape prepared by the Servicer pursuant to Section 4.03
      with such additions, deletions and modifications as agreed to by the Trustee
      and
      the Servicer.

     

    “Rents
      from Real Property”: With respect to any REO Property, gross income of the
      character described in Section 856(d) of the Code as being included in the
      term
“rents from real property.”

     

    “REO
      Account”: The account or accounts maintained, or caused to be maintained, by the
      Servicer in respect of an REO Property pursuant to Section 3.23.

     

    “REO
      Disposition”: The sale or other disposition of an REO Property on behalf of
      REMIC I.

     

    “REO
      Imputed Interest”: As to any REO Property, for any calendar month during which
      such REO Property was at any time part of REMIC I, one month’s interest at the
      applicable Net Mortgage Rate on the Stated Principal Balance of such REO
      Property (or, in the case of the first such calendar month, of the related
      Mortgage Loan, if appropriate) as of the close of business on the Distribution
      Date in such calendar month.

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 9.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.23(c) in respect of the proper operation, management and
      maintenance of such REO Property or (ii) payable or reimbursable to the Servicer
      pursuant to Section 3.23(d) for unpaid Servicing Fees in respect of the related
      Mortgage Loan and unreimbursed Servicing Advances and Advances in respect of
      such REO Property or the related Mortgage Loan, over (b) the REO Imputed
      Interest in respect of such REO Property for such calendar month.

     

    “REO
      Property”: A Mortgaged Property acquired by the Servicer on behalf of REMIC I
      through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.23.

     

    “Request
      for Release”: A release signed by a Servicing Officer, in the form of Exhibit E
      attached hereto.

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Trustee determines to be either (i) the arithmetic mean (rounded
      upwards if necessary to the nearest whole multiple of 1/16%) of the one-month
      U.
      S. dollar lending rates which New York City banks selected by the Trustee,
      after
      consultation with the Depositor, are quoting on the relevant Interest
      Determination Date to the principal London offices of leading banks in the
      London interbank market or (ii) in the event that the Trustee can determine
      no
      such arithmetic mean, the lowest one-month U. S. dollar lending rate which
      New
      York City banks selected by the Trustee, after consultation with the Depositor,
      are quoting on such Interest Determination Date to leading European
      banks.

     

    “Residential
      Dwelling”: Any one of the following: (i) an attached, detached or semi-detached
      one-family dwelling, (ii) an attached, detached or semi-detached two-to
      four-family dwelling, (iii) a one-family dwelling unit in a Fannie Mae eligible
      condominium project, or (iv) an attached, detached or semi-detached one-family
      dwelling in a planned unit development, none of which is a co-operative, mobile
      or manufactured home (as defined in 42 United States Code, Section
      5402(6)).

     

    “Residual
      Certificates”: The Class R Certificates and the Class R-X
      Certificates.

     

    “Residual
      Interest”: The sole class of “residual interests” in a REMIC within the meaning
      of Section 860G(a)(2) of the Code.

     

    “Responsible
      Officer”: When used with respect to the Trustee, any vice president, managing
      director, director, any assistant vice president, the Secretary, any assistant
      secretary, the Treasurer, any assistant treasurer, any associate, any trust
      officer or assistant trust officer or any other officer of the Trustee having
      direct responsibility over this Agreement or otherwise engaged in performing
      functions similar to those performed by any of the above designated officers
      and, with respect to a particular matter, to whom such matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject.

     

    “S&P”:
      Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies,
      Inc., or its successor in interest.

     

    “Seller”:
      National City Mortgage Co. or its successor in interest, in its capacity as
      seller under each Mortgage Loan Purchase Agreement.

     

    “Senior
      Interest Distribution Amount”: With respect to any Distribution Date, an amount
      equal to the sum of (i) the Interest Distribution Amount for such Distribution
      Date for the Class A Certificates and (ii) the Interest Carry Forward Amount,
      if
      any, for such Distribution Date for the Class A Certificates.

     

    “Servicer”:
      National City Mortgage Co. or any successor servicer appointed as herein
      provided, in its capacity as Servicer hereunder.

     

    “Servicer’s
      Assignee”: As defined in Section 3.28 hereof.

     

    “Servicer
      Event of Default”: One or more of the events described in Section
      7.01.

     

    “Servicer
      Prepayment Charge Payment Amount”: The amounts payable by the Servicer in
      respect of any waived Prepayment Charges pursuant to Section 3.01.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, by 3:00 p.m. New York
      time on the Business Day preceding the related Distribution Date.

     

    “Servicer
      Termination Trigger”: With respect to any Distribution Date, the Realized Losses
      incurred since the Cut-off Date through the last day of the related Due Period
      exceeds the applicable percentages set forth below with respect to such
      Distribution Date:

    

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	 	 
	 	 
	 	 
	 	 
	 	 

    

    

    “Servicing
      Account”: The account or accounts created and maintained pursuant to Section
      3.09.

     

    “Servicing
      Advances”: The reasonable “out-of-pocket” costs and expenses incurred by the
      Servicer in connection with a default, delinquency or other unanticipated event
      by the Servicer in the performance of its servicing obligations, including,
      but
      not limited to, the cost of (i) the preservation, restoration and protection
      of
      a Mortgaged Property, (ii) any enforcement or judicial proceedings, including
      but not limited to foreclosures, in respect of a particular Mortgage Loan,
      including any expenses incurred in relation to any such proceedings that result
      from the Mortgage Loan being registered on the MERS® System, (iii) the
      management (including reasonable fees in connection therewith) and liquidation
      of any REO Property and (iv) the performance of its obligations under Section
      3.01, Section 3.09, Section 3.14, Section 3.16 and Section 3.23. The Servicer
      shall not be required to make any Nonrecoverable Servicing
      Advances.

     

    “Servicing
      Fee”: With respect to each Mortgage Loan and for any calendar month, an amount
      equal to the Servicing Fee Rate accrued for one month (or in the event of any
      payment of interest which accompanies a Principal Prepayment in full or in
      part
      made by the Mortgagor during such calendar month, interest for the number of
      days covered by such payment of interest) on the same principal amount on which
      interest on such Mortgage Loan accrues for such calendar month, calculated
      on
      the basis of a 360-day year consisting of twelve 30-day months. A portion of
      such Servicing Fee may be retained by any Sub-Servicer as its servicing
      compensation.

     

    “Servicing
      Fee Rate”: [__]% per annum.

     

    “Servicing
      Officer”: Any officer of the Servicer involved in, or responsible for, the
      administration and servicing of Mortgage Loans, whose name and specimen
      signature appear on a list of Servicing Officers furnished by the Servicer
      to
      the Trustee and the Depositor on the Closing Date, as such list may from time
      to
      time be amended.

     

    “Servicing
      Rights Pledgee”: One or more lenders, selected by the Servicer, to which the
      Servicer will pledge and assign all of its right, title and interest in, to
      and
      under this Agreement, including Wachovia Bank, National Association, as the
      representative of certain lenders.

     

    “Servicing
      Transfer Costs”: Shall mean all reasonable costs and expenses incurred by the
      Trustee in connection with the transfer of servicing from a predecessor
      servicer, including, without limitation, any reasonable costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      Trustee to correct any errors or insufficiencies in the servicing data or
      otherwise to enable the Trustee (or any successor servicer appointed pursuant
      to
      Section 7.02) to service the Mortgage Loans properly and
      effectively.

     

    “Single
      Certificate”: With respect to any Class of Certificates (other than the Class P
      Certificates and the Residual Certificates), a hypothetical Certificate of
      such
      Class evidencing a Percentage Interest for such Class corresponding to an
      initial Certificate Principal Balance of $1,000. With respect to the Class
      P
      Certificates and the Residual Certificates, a hypothetical Certificate of such
      Class evidencing a 100% Percentage Interest in such Class.

     

    “Startup
      Day”: With respect to each Trust REMIC, the day designated as such pursuant to
      Section 10.01(b) hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the Principal Balance of such Mortgage Loan as of the
      Cut-off Date, as shown in the Mortgage Loan Schedule, minus the sum of (i)
      the
      principal portion of each Monthly Payment due on a Due Date subsequent to the
      Cut-off Date, to the extent received from the Mortgagor and distributed pursuant
      to Section 4.01 on or before such date of determination, (ii) all Principal
      Prepayments received after the Cut-off Date, to the extent distributed pursuant
      to Section 4.01 on or before such date of determination, (iii) all Liquidation
      Proceeds and Insurance Proceeds applied by the Servicer as recoveries of
      principal in accordance with the provisions of Section 3.16, to the extent
      distributed pursuant to Section 4.01 on or before such date of determination,
      and (iv) any Realized Loss incurred with respect thereto as a result of a
      Deficient Valuation made during or prior to the Prepayment Period for the most
      recent Distribution Date coinciding with or preceding such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such Mortgage Loan would be distributed,
      zero.
      With respect to any REO Property: (a) as of any date of determination up to
      but
      not including the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed, an
      amount (not less than zero) equal to the Stated Principal Balance of the related
      Mortgage Loan as of the date on which such REO Property was acquired on behalf
      of REMIC I, minus the sum of (i) if such REO Property was acquired before the
      Distribution Date in any calendar month, the principal portion of the Monthly
      Payment due on the Due Date in the calendar month of acquisition, to the extent
      distributed pursuant to Section 4.01 on or before such date of determination,
      and (ii) the aggregate amount of REO Principal Amortization in respect of such
      REO Property for all previously ended calendar months, to the extent distributed
      pursuant to Section 4.01 on or before such date of determination; and (b) as
      of
      any date of determination coinciding with or subsequent to the Distribution
      Date
      on which the proceeds, if any, of a Liquidation Event with respect to such
      REO
      Property would be distributed, zero.

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date on which the
      Certificate Principal Balance of the Class A Certificates has been reduced
      to
      zero and (ii) the later to occur of (a) the Distribution Date occurring in
      [__]
      and (b) the first Distribution Date on which the Credit Enhancement Percentage
      (calculated for this purpose only prior to any distribution of the Principal
      Distribution Amount to the Certificates then entitled to distributions of
      principal on such Distribution Date) is equal to or greater than
      [__]%.

     

    “Sub-Servicer”:
      Any Person with which the Servicer has entered into a Sub-Servicing Agreement
      and which meets the qualifications of a Sub-Servicer pursuant to Section
      3.02.

     

    “Sub-Servicing
      Agreement”: The written contract between the Servicer and a Sub-Servicer
      relating to servicing and administration of certain Mortgage Loans as provided
      in Section 3.02.

     

    “Substitution
      Shortfall Amount”: As defined in Section 2.03(b).

     

    “Tax
      Returns”: The federal income tax return on Internal Revenue Service Form 1066,
      U. S. Real Estate Mortgage Investment Conduit Income Tax Return, including
      Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC
      Taxable Income or Net Loss Allocation, or any successor forms, to be filed
      on
      behalf of the Trust Fund due to the classification of portions thereof as REMICs
      under the REMIC Provisions, together with any and all other information reports
      or returns that may be required to be furnished to the Certificateholders or
      filed with the Internal Revenue Service or any other governmental taxing
      authority under any applicable provisions of federal, state or local tax
      laws.

     

    “Telerate
      Page 3750”: The display designated as page “3750” on the Dow Jones Telerate
      Capital Markets Report (or such other page as may replace page 3750 on that
      report for the purpose of displaying London interbank offered rates of major
      banks).

     

    “Termination
      Price”: As defined in Section 9.01.

     

    “Terminator”:
      As defined in Section 9.01.

     

    “Transfer”:
      Any direct or indirect transfer, sale, pledge, hypothecation, or other form
      of
      assignment of any Ownership Interest in a Certificate.

     

    “Transferee”:
      Any Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

    “Transferor”:
      Any Person who is disposing by Transfer of any Ownership Interest in a
      Certificate.

     

    “Trigger
      Event”: A Trigger Event is in effect on any Distribution Date following the
      Stepdown Date if:

     

    (a)  the
      Delinquency Percentage exceeds [__]% of the then current Credit Enhancement
      Percentage; or

     

    (b)  the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period divided by aggregate Principal Balance of
      the
      Mortgage Loans as of the Cut-off Date exceeds the applicable percentages set
      forth below with respect to such Distribution Date:

    

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	 	 
	 	 
	 	 
	 	 
	 	 

    

    

    “Trust
      Fund”: Collectively, all of the assets of REMIC I, REMIC II, REMIC III, REMIC
      IV, REMIC V, REMIC VI, REMIC VII, the Net WAC Rate Carryover Reserve Account
      and
      the other assets conveyed by the Depositor to the Trustee pursuant to Section
      2.01.

     

    “Trust
      REMIC”: Any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI or
      REMIC VII.

     

    “Trustee”:
      [NAME OF TRUSTEE], a national banking association, or its successor in interest,
      or any successor trustee appointed as herein provided.

     

    “Trustee
      Fee”: The amount payable to the Trustee on each Distribution Date pursuant to
      Section 8.05 as compensation for all services rendered by it in the execution
      of
      the trust hereby created and in the exercise and performance of any of the
      powers and duties of the Trustee hereunder, which amount shall equal the Trustee
      Fee Rate accrued for one month on the aggregate Scheduled Principal Balance
      of
      the Mortgage Loans and any REO Properties as of the first day of the related
      Due
      Period (or, in the case of the initial Distribution Date, as of the Cut-off
      Date), calculated on the basis of a 360-day year consisting of twelve 30-day
      months.

     

    “Trustee
      Fee Rate”: [__]% per annum.

     

    “Uncertificated
      Balance”: The amount of any REMIC I Regular Interest outstanding as of any date
      of determination. As of the Closing Date, the Uncertificated Balance of each
      REMIC I Regular Interest shall equal the amount set forth in the Preliminary
      Statement hereto as its initial uncertificated balance. On each Distribution
      Date, the Uncertificated Balance of each REMIC I Regular Interest shall be
      reduced by all distributions of principal made on such REMIC I Regular Interest,
      as applicable, on such Distribution Date pursuant to Section 4.01 and, if and
      to
      the extent necessary and appropriate, shall be further reduced on such
      Distribution Date by Realized Losses as provided in Section 4.04. The
      Uncertificated Balances of REMIC I Regular Interest I-LTZZ shall be increased
      by
      interest deferrals as provided in Section 4.01(a)(1)(A)(i). The Uncertificated
      Balance of each REMIC I Regular Interest shall never be less than
      zero.

     

    “Uncertificated
      Interest”: With respect to any REMIC I Regular Interest for any Distribution
      Date, one month’s interest at the REMIC I Remittance Rate applicable to such
      REMIC I Regular Interest for such Distribution Date, accrued on the
      Uncertificated Balance thereof immediately prior to such Distribution Date.
      Uncertificated Interest in respect of any REMIC I Regular Interest shall accrue
      on the basis of a 360-day year consisting of twelve 30-day months.
      Uncertificated Interest with respect to each Distribution Date, as to any REMIC
      I Regular Interest, shall be reduced by an amount equal to the sum of (a) the
      aggregate Prepayment Interest Shortfall, if any, for such Distribution Date
      to
      the extent not covered by payments pursuant to Section 3.24 and (b) the
      aggregate amount of any Relief Act Interest Shortfall, if any allocated, in
      each
      case, to such REMIC I Regular Interest pursuant to Section 1.02. In addition,
      Uncertificated Interest with respect to each Distribution Date, as to any REMIC
      I Regular Interest shall be reduced by Realized Losses, if any, allocated to
      such REMIC I Regular Interest pursuant to Section 1.02 and Section
      4.04.

     

    “Underwriters’
      Exemption”: An individual exemption issued by the United States Department of
      Labor, Prohibited Transaction Exemption [_____] ([__] Fed. Reg. [_____],
      [DATE]), as amended, to [Name of Underwriter], for specific offerings in which
      [Name of Underwriter] or any person directly or indirectly, through one or
      more
      intermediaries, controlling, controlled by or under common control with [Name
      of
      Underwriter] is an underwriter, placement agent or a manager or co-manager
      of
      the underwriting syndicate or selling group where the trust and the offered
      certificates meet specified conditions. The Underwriters’ Exemption, as amended,
      provides a partial exemption for transactions involving certificates
      representing a beneficial interest in a trust and entitling the holder to
      pass-through payments of principal, interest and/or other payments with respect
      to the trust’s assets.

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the hazard insurance
      policies required to be maintained pursuant to Section 3.14.

     

    “United
      States Person”: A citizen or resident of the United States, a corporation,
      partnership (or other entity treated as a corporation or partnership for United
      States federal income tax purposes) created or organized in, or under the laws
      of, the United States, any state thereof, or the District of Columbia (except
      in
      the case of a partnership, to the extent provided in Treasury regulations)
      provided that, for purposes solely of the restrictions on the transfer of Class
      R Certificates, no partnership or other entity treated as a partnership for
      United States federal income tax purposes shall be treated as a United States
      Person unless all persons that own an interest in such partnership either
      directly or through any entity that is not a corporation for United States
      federal income tax purposes are required by the applicable operative agreement
      to be United States Persons, or an estate the income of which from sources
      without the United States is includible in gross income for United States
      federal income tax purposes regardless of its connection with the conduct of
      a
      trade or business within the United States, or a trust if a court within the
      United States is able to exercise primary supervision over the administration
      of
      the trust and one or more United States persons have authority to control all
      substantial decisions of the trust. The term “United States” shall have the
      meaning set forth in Section 7701 of the Code or successor
      provisions.

     

    “Value”:
      With respect to any Mortgaged Property, the value thereof as determined by
      an
      independent appraisal made at the time of the origination of the related
      Mortgage Loan or the sale price, if the appraisal is not available; except
      that,
      with respect to any Mortgage Loan that is a purchase money mortgage loan, the
      lesser of (i) the value thereof as determined by an independent appraisal made
      at the time of the origination of such Mortgage Loan, if any, and (ii) the
      sales
      price of the related Mortgaged Property.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. With respect to any date of determination, 98%
      of
      all Voting Rights will be allocated among the holders of the Class A
      Certificates, the Mezzanine Certificates and the Class CE Certificates in
      proportion to the then outstanding Certificate Principal Balances of their
      respective Certificates, 1% of all Voting Rights will be allocated to the
      holders of the Class P Certificates and 1% of all Voting Rights will be
      allocated among the holders of the Residual Certificates. The Voting Rights
      allocated to each Class of Certificate shall be allocated among Holders of
      each
      such Class in accordance with their respective Percentage Interests as of the
      most recent Record Date.

     

    
      	SECTION
              1.02.  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    For
      purposes of calculating the amount of Accrued Certificate Interest and the
      amount of the Interest Distribution Amount for the Class A Certificates, the
      Mezzanine Certificates and the Class CE Interest for any Distribution Date,
      (1)
      the aggregate amount of any Prepayment Interest Shortfalls (to the extent not
      covered by payments by the Servicer pursuant to Section 3.24) and any Relief
      Act
      Interest Shortfall incurred in respect of the Mortgage Loans for any
      Distribution Date shall be allocated first, to the Class CE Interest based
      on,
      and to the extent of, one month’s interest at the then applicable Pass-Through
      Rate on the Notional Amount of the Class CE Interest and, thereafter, among
      the
      Class A Certificates and the Mezzanine Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate and (2) the aggregate amount of any Realized Losses
      incurred for any Distribution Date shall be allocated to the Class CE Interest
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of the Class CE Interest.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Regular Interests for any Distribution Date, the aggregate amount of any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      Servicer pursuant to Section 3.24) and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated first, to Uncertificated Interest payable to REMIC I Regular Interest
      I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal
      to
      the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively, and
      thereafter among REMIC I Regular Interest I-LTAA, REMIC I Regular Interest
      I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC
      I
      Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular
      Interest I-LTM5 and REMIC I Regular Interest I-LTZZ pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Pass-Through Rate on the respective Uncertificated Balance of each such REMIC
      I
      Regular Interest.

     

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	SECTION
              2.01.  	
              Conveyance
                of the Mortgage Loans.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse,
      for the benefit of the Certificateholders, all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to the Mortgage Loans identified on the Mortgage Loan
      Schedule, the rights of the Depositor under each Mortgage Loan Purchase
      Agreement, and all other assets included or to be included in REMIC I. Such
      assignment includes all interest and principal received by the Depositor or
      the
      Servicer on or with respect to the Mortgage Loans (other than payments of
      principal and interest due on such Mortgage Loans on or before the Cut-off
      Date). The Depositor herewith delivers to the Trustee an executed copy of the
      Mortgage Loan Purchase Agreement.

     

    In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, the Trustee, the following documents or instruments with
      respect to each Mortgage Loan so transferred and assigned (a “Mortgage
      File”):

     

    (i)  the
      original Mortgage Note (including any riders thereto), endorsed in blank or
      in
      the following form: “Pay to the order of [NAME OF TRUSTEE], as Trustee under the
      applicable agreement, without recourse,” with all prior and intervening
      endorsements showing a complete chain of endorsement from the originator to
      the
      Person so endorsing to the Trustee;

     

    (ii)  the
      original Mortgage, noting the presence of the MIN of the Mortgage Loan and
      language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
      is
      a MOM Loan, with evidence of recording thereon, and the original recorded power
      of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with
      evidence of recording thereon;

     

    (iii)  unless
      the Mortgage Loan is registered on the MERS® System, an original Assignment in
      blank;

     

    (iv)  the
      original recorded Assignment or Assignments showing a complete chain of
      assignment from the originator to the Person assigning the Mortgage to the
      Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System and
      noting the presence of the MIN) as contemplated by the immediately preceding
      clause (iii);

     

    (v)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any; and

     

    (vi)  the
      original lender’s title insurance policy, together with all endorsements or
      riders that were issued with or subsequent to the issuance of such policy,
      insuring the Mortgage on the Mortgaged Property represented therein as a fee
      interest vested in the Mortgagor, or in the event such original title policy
      is
      unavailable, a written commitment or uniform binder or preliminary report of
      title issued by the title insurance or escrow company.

     

    With
      respect to a maximum of 2.0% of the Original Mortgage Loans, by outstanding
      principal balance of the Original Mortgage Loans as of the Cut-off Date, if
      any
      original Mortgage Note referred to in Section 2.01(i) above cannot be located,
      the obligations of the Depositor to deliver such documents shall be deemed
      to be
      satisfied upon delivery to the Trustee of a photocopy of such Mortgage Note,
      if
      available, with a lost note affidavit substantially in the form of Exhibit
      K
      attached hereto. If any of the original Mortgage Notes for which a lost note
      affidavit was delivered to the Trustee is subsequently located, such original
      Mortgage Note shall be delivered to the Trustee within three Business
      Days.

     

    If
      any of
      the documents referred to in Sections 2.01(ii), (iii) or (iv) above has, as
      of
      the Closing Date, been submitted for recording but either (x) has not been
      returned from the applicable public recording office or (y) has been lost or
      such public recording office has retained the original of such document, the
      obligations of the Depositor to deliver such documents shall be deemed to be
      satisfied upon (1) delivery to the Trustee of a copy of each such document
      certified by the related Originator in the case of (x) above or the applicable
      public recording office in the case of (y) above to be a true and complete
      copy
      of the original that was submitted for recording and (2) if such copy is
      certified by the related Originator, delivery to the Trustee promptly upon
      receipt thereof of either the original or a copy of such document certified
      by
      the applicable public recording office to be a true and complete copy of the
      original. Notice shall be provided to the Trustee and the Rating Agencies by
      the
      Seller if delivery pursuant to clause (2) above will be made more than 180
      days
      after the Closing Date. If the original lender’s title insurance policy was not
      delivered pursuant to Section 2.01(vi) above, the Depositor shall deliver or
      cause to be delivered to the Trustee, promptly after receipt thereof, the
      original lender’s title insurance policy. The Depositor shall deliver or cause
      to be delivered to the Trustee promptly upon receipt thereof any other original
      documents constituting a part of a Mortgage File received with respect to any
      Mortgage Loan, including, but not limited to, any original documents evidencing
      an assumption or modification of any Mortgage Loan.

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage
      or on a properly recorded assignment of the Mortgage as the mortgagee of record,
      the Trustee shall enforce the obligation of the Seller or the related
      Originator, as applicable, under the related Mortgage Loan Purchase Agreement
      to
      promptly (within sixty days following the later of the Closing Date and the
      date
      of receipt by the Trustee of the recording information for a Mortgage, but
      in no
      event later than ninety days following the Closing Date) submit or cause to
      be
      submitted for recording, at the expense of the related Originator and at no
      expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the
      appropriate public office for real property records, each Assignment referred
      to
      in Sections 2.01(iii) and (iv) above and the Depositor shall execute each
      original Assignment or cause each original Assignment to be executed in the
      following form: “[NAME OF TRUSTEE], as Trustee under the applicable agreement.”
In the event that any such Assignment is lost or returned unrecorded because
      of
      a defect therein, the Seller or the related Originator, as applicable, shall
      promptly prepare or cause to be prepared a substitute Assignment or cure or
      cause to be cured such defect, as the case may be, and thereafter cause each
      such Assignment to be duly recorded. If the related Originator is unable to
      pay
      the cost of recording the Assignments, such expense will be paid by the Trustee
      and shall be reimbursable to the Trustee as an Extraordinary Trust Fund Expense.
      Notwithstanding the foregoing, the Trustee shall not be responsible for
      determining whether any Assignment delivered by the Depositor hereunder is
      in
      recordable form.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Depositor further agrees that it will cause, within 30 Business
      Days
      after the Closing Date, the MERS® System to indicate that such Mortgage Loans
      have been assigned by the Depositor to the Trustee in accordance with this
      Agreement for the benefit of the Certificateholders by including (or deleting,
      in the case of Mortgage Loans which are repurchased in accordance with this
      Agreement) in such computer files (a) the code in the field which identifies
      the
      specific Trustee and (b) the code in the field “Pool Field” which identifies the
      series of the Certificates issued in connection with such Mortgage Loans. The
      Depositor further agrees that it will not, and will not permit the Servicer
      to,
      and the Servicer agrees that it will not, alter the codes referenced in this
      paragraph with respect to any Mortgage Loan during the term of this Agreement
      unless and until such Mortgage Loan is repurchased in accordance with the terms
      of this Agreement.

     

    All
      original documents relating to the Mortgage Loans that are not delivered to
      the
      Trustee are and shall be held by the Seller, the Depositor or the Servicer,
      as
      the case may be, in trust for the benefit of the Trustee on behalf of the
      Certificateholders. In the event that any such original document is required
      pursuant to the terms of this Section to be a part of a Mortgage File, such
      document shall be delivered promptly to the Trustee. Any such original document
      delivered to or held by the Depositor that is not required pursuant to the
      terms
      of this Section to be a part of a Mortgage File, shall be delivered promptly
      to
      the Servicer.

     

    
      	SECTION
              2.02.  	
              Acceptance
                of REMIC I by Trustee.

            

    

     

    The
      Trustee, acknowledges receipt, subject to the provisions of Section 2.01 and
      subject to any exceptions noted on the exception report described in the next
      paragraph below, of the documents referred to in Section 2.01 (other than such
      documents described in Section 2.01(v)) above and all other assets included
      in
      the definition of “REMIC I” under clauses (i), (iii), (iv) and (v) (to the
      extent of amounts attributable thereto deposited into the Distribution Account)
      and declares that it holds and will hold such documents and the other documents
      delivered to it constituting a Mortgage File, and that it holds or will hold
      all
      such assets and such other assets included in the definition of “REMIC I” in
      trust for the exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees, for the benefit of the Certificateholders, to review each
      Mortgage File on or before the Closing Date and to certify in substantially
      the
      form attached hereto as Exhibit C-1 that, as to each Mortgage Loan listed in
      the
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents constituting part
      of
      such Mortgage File (other than such documents described in Section 2.01(v))
      required to be delivered to it pursuant to this Agreement are in its possession,
      (ii) such documents have been reviewed by it and appear regular on their face
      and relate to such Mortgage Loan and (iii) based on its examination and only
      as
      to the foregoing, the information set forth in the Mortgage Loan Schedule that
      corresponds to items (i), (iii), (xi), (xii) and (xv) of the definition of
      “Mortgage Loan Schedule” accurately reflects information set forth in the
      Mortgage File. It is herein acknowledged that, in conducting such review, the
      Trustee was under no duty or obligation (i) to inspect, review or examine any
      such documents, instruments, certificates or other papers to determine whether
      they are genuine, enforceable, valid, legally binding, effective or appropriate
      for the represented purpose or whether they have actually been recorded or
      are
      in recordable form or that they are other than what they purport to be on their
      face, (ii) to determine whether any Mortgage File should include any of the
      documents specified in clause (v) of Section 2.01 or (iii) to determine the
      perfection or priority of any security interest in any such documents or
      instruments. Notwithstanding the foregoing, in conducting the review described
      in this Section 2.02, the Trustee shall not be responsible for determining
      (i)
      if an Assignment is sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect of record the sale of the
      Mortgage or (ii) if a Mortgage creates a first lien on, or first priority
      security interest in, a Mortgaged Property.

     

    Prior
      to
      the first anniversary date of this Agreement, the Trustee shall deliver to
      the
      Depositor and the Servicer a final certification in the form annexed hereto
      as
      Exhibit C-2 evidencing the completeness of the Mortgage Files, with any
      applicable exceptions noted thereon, and the Servicer shall forward a copy
      thereof to any Sub-Servicer.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee finds any document or
      documents constituting a part of a Mortgage File to be missing or defective
      in
      any material respect, at the conclusion of its review the Trustee shall so
      notify the Depositor and the Servicer. In addition, upon the discovery by the
      Depositor, the Servicer or the Trustee of a breach of any of the representations
      and warranties made by either Originator or the Seller in the related Mortgage
      Loan Purchase Agreement in respect of any Mortgage Loan which materially
      adversely affects such Mortgage Loan or the interests of the Certificateholders
      in such Mortgage Loan, the party discovering such breach shall give prompt
      written notice to the other parties.

     

    The
      Trustee shall, at the written request and expense of any Certificateholder,
      provide a written report to such Certificateholder of all Mortgage Files
      released to the Servicer for servicing purposes.

     

    
      	SECTION
              2.03.  	
              Repurchase
                or Substitution of Mortgage Loans by the
                Originator.

            

    

     

    (a)  Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File or of the breach by either
      Originator or the Seller of any representation, warranty or covenant under
      the
      Mortgage Loan Purchase Agreement in respect of any Mortgage Loan that materially
      adversely affects the value of such Mortgage Loan or the interest therein of
      the
      Certificateholders, the Trustee shall promptly notify the Seller, the related
      Originator and the Servicer of such defect, missing document or breach and
      request that the related Originator or the Seller, as applicable, deliver such
      missing document or cure such defect or breach within 60 days from the date
      the
      related Originator or the Seller, as applicable, was notified of such missing
      document, defect or breach, and if the related Originator or the Seller, as
      applicable, does not deliver such missing document or cure such defect or breach
      in all material respects during such period, the Servicer, in accordance with
      Section 3.02(b), shall enforce the obligations of the related Originator or
      the
      Seller, as applicable, under the Mortgage Loan Purchase Agreement to repurchase
      such Mortgage Loan from REMIC I at the Purchase Price within 90 days after
      the
      date on which the related Originator or the Seller, as applicable, was notified
      (subject to Section 2.03(c)) of such missing document, defect or breach, if
      and
      to the extent that the related Originator or the Seller is obligated to do
      so
      under the Mortgage Loan Purchase Agreement. The Purchase Price for the
      repurchased Mortgage Loan shall be remitted to the Servicer for deposit in
      the
      Collection Account and the Trustee, upon receipt of written certification from
      the Servicer of such deposit, shall release to the related Originator or the
      Seller, as applicable, the related Mortgage File and the Trustee shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, as the related Originator or the Seller, as applicable, shall furnish
      to it and as shall be necessary to vest in the related Originator or the Seller,
      as applicable, any Mortgage Loan released pursuant hereto. In furtherance of
      the
      foregoing, if the related Originator or the Seller, as applicable, is not a
      member of MERS and repurchases a Mortgage Loan which is registered on the MERS®
System, the related Originator or the Seller, as applicable, at its own expense
      and without any right of reimbursement, shall cause MERS to execute and deliver
      an assignment of the Mortgage in recordable form to transfer the Mortgage from
      MERS to the related Originator or the Seller, as applicable, and shall cause
      such Mortgage to be removed from registration on the MERS® System in accordance
      with MERS’ rules and regulations. The Trustee shall not have any further
      responsibility with regard to such Mortgage File. In lieu of repurchasing any
      such Mortgage Loan as provided above, if so provided in the Mortgage Loan
      Purchase Agreement, the related Originator or the Seller, as applicable, may
      cause such Mortgage Loan to be removed from REMIC I (in which case it shall
      become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute
      Mortgage Loans in the manner and subject to the limitations set forth in Section
      2.03(b). It is understood and agreed that the obligation of the related
      Originator and the Seller to cure or to repurchase (or to substitute for) any
      Mortgage Loan as to which a document is missing, a material defect in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy respecting such omission, defect
      or
      breach available to the Trustee and the Certificateholders.

     

    (b)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the date which is
      two
      years after the Startup Day for REMIC I.

     

    As
      to any
      Deleted Mortgage Loan for which the related Originator or the Seller substitutes
      a Qualified Substitute Mortgage Loan or Loans, such substitution shall be
      effected by the related Originator or the Seller, as applicable, delivering
      to
      the Trustee, for such Qualified Substitute Mortgage Loan or Loans, the Mortgage
      Note, the Mortgage, the Assignment to the Trustee, and such other documents
      and
      agreements, with all necessary endorsements thereon, as are required by Section
      2.01, together with an Officers’ Certificate providing that each such Qualified
      Substitute Mortgage Loan satisfies the definition thereof and specifying the
      Substitution Shortfall Amount (as described below), if any, in connection with
      such substitution. The Trustee shall acknowledge receipt for such Qualified
      Substitute Mortgage Loan or Loans and, within ten Business Days thereafter,
      shall review such documents as specified in Section 2.02 and deliver to the
      Depositor and the Servicer, with respect to such Qualified Substitute Mortgage
      Loan or Loans, a certification substantially in the form attached hereto as
      Exhibit C-1, with any applicable exceptions noted thereon. Within one year
      of
      the date of substitution, the Trustee shall deliver to the Depositor and the
      Servicer a certification substantially in the form of Exhibit C-2 hereto with
      respect to such Qualified Substitute Mortgage Loan or Loans, with any applicable
      exceptions noted thereon. Monthly Payments due with respect to Qualified
      Substitute Mortgage Loans in the month of substitution are not part of REMIC
      I
      and will be retained by the Originator or the Seller, as applicable. For the
      month of substitution, distributions to Certificateholders will reflect the
      Monthly Payment due on such Deleted Mortgage Loan on or before the Due Date
      in
      the month of substitution, and the related Originator or the Seller, as
      applicable, shall thereafter be entitled to retain all amounts subsequently
      received in respect of such Deleted Mortgage Loan. The Depositor shall give
      or
      cause to be given written notice to the Certificateholders that such
      substitution has taken place, shall amend the Mortgage Loan Schedule to reflect
      the removal of such Deleted Mortgage Loan from the terms of this Agreement
      and
      the substitution of the Qualified Substitute Mortgage Loan or Loans and shall
      deliver a copy of such amended Mortgage Loan Schedule to the Trustee. Upon
      such
      substitution, such Qualified Substitute Mortgage Loan or Loans shall constitute
      part of the Mortgage Pool and shall be subject in all respects to the terms
      of
      this Agreement and the Mortgage Loan Purchase Agreement, including, all
      applicable representations and warranties thereof included in the Mortgage
      Loan
      Purchase Agreement.

     

    For
      any
      month in which either Originator or the Seller, as applicable, substitutes
      one
      or more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage
      Loans, the Servicer will determine the amount (the “Substitution Shortfall
      Amount”), if any, by which the aggregate Purchase Price of all such Deleted
      Mortgage Loans exceeds the aggregate of, as to each such Qualified Substitute
      Mortgage Loan, the Stated Principal Balance thereof as of the date of
      substitution, together with one month’s interest on such Stated Principal
      Balance at the applicable Net Mortgage Rate, plus all outstanding Advances
      and
      Servicing Advances (including Nonrecoverable Advances and Nonrecoverable
      Servicing Advances) related thereto. On the date of such substitution, the
      related Originator or the Seller, as applicable, will deliver or cause to be
      delivered to the Servicer for deposit in the Collection Account an amount equal
      to the Substitution Shortfall Amount, if any, and the Trustee, upon receipt
      of
      the related Qualified Substitute Mortgage Loan or Loans and certification by
      the
      Servicer of such deposit, shall release to the related Originator or the Seller,
      as applicable, the related Mortgage File or Files and the Trustee shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, the related Originator or the Seller, as applicable, shall deliver
      to
      it and as shall be necessary to vest therein any Deleted Mortgage Loan released
      pursuant hereto.

     

    In
      addition, the related Originator or the Seller, as applicable, shall obtain
      at
      its own expense and deliver to the Trustee an Opinion of Counsel to the effect
      that such substitution will not cause (a) any federal tax to be imposed on
      any
      Trust REMIC, including without limitation, any federal tax imposed on
“prohibited transactions” under Section 860F(a)(1) of the Code or on
“contributions after the startup date” under Section 860G(d)(1) of the Code, or
      (b) any Trust REMIC to fail to qualify as a REMIC at any time that any
      Certificate is outstanding.

     

    (c)  Upon
      discovery by the Depositor, the Seller, the Servicer or the Trustee that any
      Mortgage Loan does not constitute a “qualified mortgage” within the meaning of
      Section 860G(a)(3) of the Code, the party discovering such fact shall within
      two
      Business Days give written notice thereof to the other parties. In connection
      therewith, the Seller shall repurchase or, subject to the limitations set forth
      in Section 2.03(b), substitute one or more Qualified Substitute Mortgage Loans
      for the affected Mortgage Loan within 90 days of the earlier of discovery or
      receipt of such notice with respect to such affected Mortgage Loan. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(a). The Trustee shall reconvey to the Seller the Mortgage Loan
      to
      be released pursuant hereto in the same manner, and on the same terms and
      conditions, as it would a Mortgage Loan repurchased for breach of a
      representation or warranty.

     

    
      	SECTION
              2.04.  	
              Reserved.

            

    

     

    
      	SECTION
              2.05.  	
              Representations,
                Warranties and Covenants of the
                Servicer.

            

    

     

    The
      Servicer hereby represents, warrants and covenants to the Trustee, for the
      benefit of the Certificateholders and to the Depositor that as of the Closing
      Date or as of such date specifically provided herein:

     

    (i) The
      Servicer is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Ohio and is duly authorized and qualified to
      transact any and all business contemplated by this Agreement to be conducted
      by
      the Servicer in any state in which a Mortgaged Property is located or is
      otherwise not required under applicable law to effect such qualification and,
      in
      any event, is in compliance with the doing business laws of any such State,
      to
      the extent necessary to ensure its ability to enforce each Mortgage Loan and
      to
      service the Mortgage Loans in accordance with the terms of this
      Agreement;

     

    (ii) The
      Servicer has the full corporate power and authority to service each Mortgage
      Loan, and to execute, deliver and perform, and to enter into and consummate
      the
      transactions contemplated by this Agreement and has duly authorized by all
      necessary corporate action on the part of the Servicer the execution, delivery
      and performance of this Agreement; and this Agreement, assuming the due
      authorization, execution and delivery thereof by the other parties hereto,
      constitutes a legal, valid and binding obligation of the Servicer, enforceable
      against the Servicer in accordance with its terms, except to the extent that
      (a)
      the enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws relating to creditors’ rights generally and
      (b) the remedy of specific performance and injunctive and other forms of
      equitable relief may be subject to the equitable defenses and to the discretion
      of the court before which any proceeding therefor may be brought;

     

    (iii) The
      execution and delivery of this Agreement by the Servicer, the servicing of
      the
      Mortgage Loans by the Servicer hereunder, the consummation of any other of
      the
      transactions herein contemplated, and the fulfillment of or compliance with
      the
      terms hereof are in the ordinary course of business of the Servicer and will
      not
      (A) result in a breach of any term or provision of the charter or by-laws of
      the
      Servicer or (B) conflict with, result in a breach, violation or acceleration
      of,
      or result in a default under, the terms of any other material agreement or
      instrument to which the Servicer is a party or by which it may be bound, or
      any
      statute, order or regulation applicable to the Servicer of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over the
      Servicer; and the Servicer is not a party to, bound by, or in breach or
      violation of any indenture or other agreement or instrument, or subject to
      or in
      violation of any statute, order or regulation of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over it, which
      materially and adversely affects or, to the Servicer’s knowledge, would in the
      future materially and adversely affect, (x) the ability of the Servicer to
      perform its obligations under this Agreement or (y) the business, operations,
      financial condition, properties or assets of the Servicer taken as a
      whole;

     

    (iv)  The
      Servicer is an approved seller/servicer for Fannie Mae or Freddie Mac in good
      standing and is a HUD approved mortgagee pursuant to Section 203 of the National
      Housing Act;

     

    (v)  No
      litigation is pending against the Servicer that would materially and adversely
      affect the execution, delivery or enforceability of this Agreement or the
      ability of the Servicer to service the Mortgage Loans or to perform any of
      its
      other obligations hereunder in accordance with the terms hereof;

     

    (vi)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Servicer
      of,
      or compliance by the Servicer with, this Agreement or the consummation of the
      transactions contemplated by this Agreement, except for such consents,
      approvals, authorizations or orders, if any, that have been obtained prior
      to
      the Closing Date;

     

    (vii)  The
      Servicer covenants that its computer and other systems used in servicing the
      Mortgage Loans operate in a manner such that the Servicer can service the
      Mortgage Loans in accordance with the terms of this Agreement; and

     

    (viii)  The
      Servicer is a member of MERS in good standing, and will comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee and shall inure to the benefit of the Trustee, the Depositor and the
      Certificateholders. Upon discovery by any of the Depositor, the Servicer or
      the
      Trustee of a breach of any of the foregoing representations, warranties and
      covenants which materially and adversely affects the value of any Mortgage
      Loan,
      Prepayment Charge or the interests therein of the Certificateholders, the party
      discovering such breach shall give prompt written notice (but in no event later
      than two Business Days following such discovery) to the Trustee. Subject to
      Section 7.01, unless such breach shall not be susceptible of cure within 90
      days, the obligation of the Servicer set forth in Section 2.03(c) to cure
      breaches shall constitute the sole remedy against the Servicer available to
      the
      Certificateholders, the Depositor or the Trustee on behalf of the
      Certificateholders respecting a breach of the representations, warranties and
      covenants contained in this Section 2.05.

     

    
      	SECTION
              2.06.  	
              Issuance
                of the REMIC I Regular Interests and the Class R-I
                Interest.

            

    

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it of the Mortgage Files, subject to the provisions of Section 2.01 and
      Section 2.02, together with the assignment to it of all other assets included
      in
      REMIC I, the receipt of which is hereby acknowledged. Concurrently with such
      assignment and delivery and in exchange therefor, the Trustee, pursuant to
      the
      written request of the Depositor executed by an officer of the Depositor, has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Class R Certificates (in respect of the Class R-I Interest) in authorized
      denominations. The interests evidenced by the Class R-I Interest, together
      with
      the REMIC I Regular Interests, constitute the entire beneficial ownership
      interest in REMIC I. The rights of the Class R-I Interest and REMIC II (as
      holder of the REMIC I Regular Interest) to receive distributions from the
      proceeds of REMIC I in respect of the Class R-I Interest and the REMIC I Regular
      Interests, and all ownership interests evidenced or constituted by the Class
      R-I
      Interest and the REMIC I Regular Interests, shall be as set forth in this
      Agreement.

     

    
      	SECTION
              2.07.  	
              Conveyance
                of the REMIC I Regular Interests; Acceptance of REMIC II by the
                Trustee.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC I Regular
      Interests for the benefit of the Class R-II Interest and REMIC II (as holder
      of
      the REMIC I Regular Interests). The Trustee acknowledges receipt of the REMIC
      I
      Regular Interests and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of all present and future Class R-II Interest
      and
      REMIC II (as holder of the REMIC I Regular Interests). The rights of the Class
      R-II Interest and REMIC II (as holder of the REMIC I Regular Interests) to
      receive distributions from the proceeds of REMIC II in respect of the Class
      R-II
      Interest and REMIC II Regular Interests, respectively, and all ownership
      interests evidenced or constituted by the Class R-II Interest and the REMIC
      II
      Regular Interests, shall be as set forth in this Agreement.

     

    
      	SECTION
              2.08.  	
              Issuance
                of Class R Certificates.

            

    

     

    The
      Trustee acknowledges the assignment to it of the REMIC Regular Interests and,
      concurrently therewith and in exchange therefor, pursuant to the written request
      of the Depositor executed by an officer of the Depositor, the Trustee has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Class R Certificates in authorized denominations.

     

    
      	SECTION
              2.09.  	
              Conveyance
                of the Class M-3 Interest; Acceptance of REMIC III by the
                Trustee.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the Class M-3
      Interest for the benefit of the Holders of the Class M-3 Certificates and the
      Class R-III Interest, and REMIC III (as holder of the Class M-3 Interest).
      The
      Trustee acknowledges receipt of the Class M-3 Interest and declares that it
      holds and will hold the same in trust for the exclusive use and benefit of
      all
      present and future Holders of the Class M-3 Certificates and the Class R-X
      Certificates, in respect of the Class R-III Interest, and REMIC III (as holder
      of the Class M-3 Certificates). The rights of the Class R-X Certificates, in
      respect of the Class R-III Interest, and REMIC III (as holder of the Class
      M-3
      Certificates) to receive distributions from the proceeds of REMIC III, and
      all
      ownership interests evidenced or constituted by the Class R-X Certificates,
      in
      respect of the Class R-III Interest, and the Class M-3 Certificates shall be
      as
      set forth in this Agreement.

     

    
      	SECTION
              2.10.  	
              Conveyance
                of the Class M-4 Interest; Acceptance of REMIC IV by the
                Trustee.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the Class M-4
      Interest for the benefit of the Holders of the Class M-4 Certificates and the
      Class R-IV Interest, and REMIC IV (as holder of the Class M-4 Interest). The
      Trustee acknowledges receipt of the Class M-4 Interest and declares that it
      holds and will hold the same in trust for the exclusive use and benefit of
      all
      present and future Holders of the Class M-4 Certificates and the Class R-X
      Certificates, in respect of the Class R-IV Interest, and REMIC IV (as holder
      of
      the Class M-4 Certificates). The rights of the Class R-X Certificates, in
      respect of the Class R-IV Interest, and REMIC IV (as holder of the Class M-4
      Certificates) to receive distributions from the proceeds of REMIC IV, and all
      ownership interests evidenced or constituted by the Class R-X Certificates,
      in
      respect of the Class R-IV Interest, and the Class M-4 Certificates shall be
      as
      set forth in this Agreement.

     

    
      	SECTION
              2.11.  	
              Conveyance
                of the Class M-5 Interest; Acceptance of REMIC V by the
                Trustee.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the Class M-5
      Interest for the benefit of the Holders of the Class M-5 Certificates and the
      Class R-V Interest, and REMIC V (as holder of the Class M-5 Interest). The
      Trustee acknowledges receipt of the Class M-5 Interest and declares that it
      holds and will hold the same in trust for the exclusive use and benefit of
      all
      present and future Holders of the Class M-5 Certificates and the Class R-X
      Certificates, in respect of the Class R-V Interest, and REMIC V (as holder
      of
      the Class M-5 Certificates). The rights of the Class R-X Certificates, in
      respect of the Class R-V Interest, and REMIC V (as holder of the Class M-5
      Certificates) to receive distributions from the proceeds of REMIC V, and all
      ownership interests evidenced or constituted by the Class R-X Certificates,
      in
      respect of the Class R-V Interest, and the Class M-5 Certificates shall be
      as
      set forth in this Agreement.

     

    
      	SECTION
              2.12.  	
              Conveyance
                of the Class CE Interest; Acceptance of REMIC VI by the
                Trustee.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the Class CE
      Interest for the benefit of the Holders of the Class CE Certificates and the
      Class R-VI Interest, and REMIC VI (as holder of the Class CE Interest). The
      Trustee acknowledges receipt of the Class CE Interest and declares that it
      holds
      and will hold the same in trust for the exclusive use and benefit of all present
      and future Holders of the Class CE Certificates and the Class R-X Certificates,
      in respect of the Class R-VI Interest, and REMIC VI (as holder of the Class
      CE
      Certificates). The rights of the Class R-X Certificates, in respect of the
      Class
      R-VI Interest, and REMIC VI (as holder of the Class CE Certificates) to receive
      distributions from the proceeds of REMIC VI, and all ownership interests
      evidenced or constituted by the Class R-X Certificates, in respect of the Class
      R-VI Interest, and the Class CE Certificates shall be as set forth in this
      Agreement.

     

    
      	SECTION
              2.13.  	
              Conveyance
                of the Class P Interest; Acceptance of REMIC VII by the
                Trustee.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the Class P
      Interest for the benefit of the Holders of the Class P Certificates and the
      Class R-VII Interest, and REMIC VII (as holder of the Class P Interest). The
      Trustee acknowledges receipt of the Class P Interest and declares that it holds
      and will hold the same in trust for the exclusive use and benefit of all present
      and future Holders of the Class P Certificates and the Class R-X Certificates,
      in respect of the Class R-VII Interest, and REMIC VII (as holder of the Class
      P
      Certificates). The rights of the Class R-X Certificates, in respect of the
      Class
      R-VII Interest, and REMIC VII (as holder of the Class P Certificates) to receive
      distributions from the proceeds of REMIC VII, and all ownership interests
      evidenced or constituted by the Class R-X Certificates, in respect of the Class
      R-VII Interest, and the Class P Certificates shall be as set forth in this
      Agreement.

     

    
      	SECTION
              2.14.  	
              Issuance
                of Class R-X Certificates.

            

    

     

    The
      Trustee acknowledges the assignment to it of the Class R-III Interest, the
      Class
      R-IV Interest, the Class R-V Interest, the Class R-VI Interest and the Class
      R-VII Interest and, concurrently therewith and in exchange therefor, pursuant
      to
      the written request of the Depositor executed by an officer of the Depositor,
      the Trustee has executed, authenticated and delivered to or upon the order
      of
      the Depositor, the Class R-X Certificates in authorized
      denominations.

    

    
      	SECTION
              2.15.  	
              Purposes
                and Powers of the Trust.

            

    

     

    The
      purpose of the common law trust, as created hereunder, is to engage in the
      following activities:

    a) acquire
      and hold the Mortgage Loans and the other assets of the Trust Fund and the
      proceeds therefrom;

    b) to
      issue
      the Certificates sold to the Depositor in exchange for the Mortgage
      Loans;

    c) to
      make
      payments on the Certificates;

    d) to
      engage
      in those activities that are necessary, suitable or convenient to accomplish
      the
      foregoing or are incidental thereto or connected therewith; and

    e) subject
      to compliance with this Agreement, to engage in such other activities as may
      be
      required in connection with conservation of the Trust Fund and the making of
      distributions to the Certificateholders.

    

    The
      Trust
      is hereby authorized to engage in the foregoing activities. The Trustee shall
      not cause the Trust to engage in any activity other than in connection with
      the
      foregoing or other than as required or authorized by the terms of this Agreement
      while any Certificate is outstanding, and this Section 2.08 may not be amended,
      without the consent of the Certificateholders evidencing [__]% or more of the
      aggregate Voting Rights of the Certificates.

     

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01.  	
              Servicer
                to Act as Servicer.

            

    

     

    The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      Fund and in the best interests of and for the benefit of the Certificateholders
      (as determined by the Servicer in its reasonable judgment) in accordance with
      the terms of this Agreement and the respective Mortgage Loans and, to the extent
      consistent with such terms, in the same manner in which it services and
      administers similar mortgage loans for its own portfolio, giving due
      consideration to customary and usual standards of practice of prudent mortgage
      lenders and loan servicers administering similar mortgage loans but without
      regard to:

     

    (i)  any
      relationship that the Servicer or any Affiliate of the Servicer may have with
      the related Mortgagor;

     

    (ii)  the
      ownership of any Certificate by the Servicer or any Affiliate of the
      Servicer;

     

    (iii)  the
      Servicer’s obligation to make Advances or Servicing Advances; or

     

    (iv)  the
      Servicer’s right to receive compensation for its services hereunder or with
      respect to any particular transaction.

     

    To
      the
      extent consistent with the foregoing, the Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes. Subject only to the above-described servicing standards and the terms
      of
      this Agreement and of the respective Mortgage Loans, the Servicer shall have
      full power and authority, to do or cause to be done any and all things in
      connection with such servicing and administration which it may deem necessary
      or
      desirable. Without limiting the generality of the foregoing, the Servicer in
      its
      own name is hereby authorized and empowered by the Trustee when the Servicer
      believes it appropriate in its best judgment in accordance with the servicing
      standards set forth above, to execute and deliver, on behalf of the Trust Fund,
      the Certificateholders and the Trustee or any of them, and upon written notice
      to the Trustee, any and all instruments of satisfaction or cancellation, or
      of
      partial or full release or discharge, and all other comparable instruments,
      with
      respect to the Mortgage Loans and the Mortgaged Properties and to institute
      foreclosure proceedings or obtain a deed-in-lieu of foreclosure so as to convert
      the ownership of such properties, and to hold or cause to be held title to
      such
      properties, on behalf of the Trustee, for the benefit of the Trust Fund and
      the
      Certificateholders. The Servicer shall service and administer the Mortgage
      Loans
      in accordance with applicable state and federal law and shall provide to the
      Mortgagors any reports required to be provided to them thereby. The Servicer
      shall also comply in the performance of this Agreement with all reasonable
      rules
      and requirements of each insurer under any standard hazard insurance policy.
      Subject to Section 3.17, the Trustee shall execute, at the written request
      of
      the Servicer, and furnish to the Servicer any special or limited powers of
      attorney and other documents necessary or appropriate to enable the Servicer
      to
      carry out its servicing and administrative duties hereunder and the Trustee
      shall not be liable for the actions of the Servicer under such powers of
      attorney.

     

    In
      accordance with the standards of the preceding paragraph, the Servicer shall
      advance or cause to be advanced Servicing Advances as necessary for the purpose
      of effecting the payment of taxes and assessments on the Mortgaged Properties,
      which Servicing Advances shall be reimbursable in the first instance from
      related collections from the Mortgagors pursuant to Section 3.09, and further
      as
      provided in Section 3.11; provided, however, the Servicer shall only make such
      Servicing Advance if the Mortgagor has made such payment as set forth in Section
      3.09 or if the Mortgagor has not made such payment, if the failure to make
      such
      Servicing Advance would result in the loss of the Mortgaged Property due to
      a
      tax sale or foreclosure as result of a tax lien. Any cost incurred by the
      Servicer in effecting the payment of taxes and assessments on a Mortgaged
      Property shall not, for the purpose of calculating the Stated Principal Balance
      of a Mortgage Loan or distributions to Certificateholders, be added to the
      unpaid principal balance of the related Mortgage Loan, notwithstanding that
      the
      terms of such Mortgage Loan so permit.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS® System, or cause the removal from the registration of any Mortgage
      Loan on the MERS® System, to execute and deliver, on behalf of the Trustee and
      the Certificateholders or any of them, any and all instruments of assignment
      and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses incurred in connection with
      the
      actions described in the preceding sentence or as a result of MERS discontinuing
      or becoming unable to continue operations in connection with the MERS® System,
      shall be subject to withdrawal by the Servicer from the Collection
      Account.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in Section 4.03)
      and the Servicer shall not permit any modification with respect to any Mortgage
      Loan that would change the Mortgage Rate, reduce or increase the principal
      balance (except for reductions resulting from actual payments of principal)
      or
      change the final maturity date on such Mortgage Loan (unless, as provided in
      Section 3.07, the Mortgagor is in default with respect to the Mortgage Loan
      or
      such default is, in the judgment of the Servicer, reasonably foreseeable) or
      any
      modification, waiver or amendment of any term of any Mortgage Loan that would
      both (A) effect an exchange or reissuance of such Mortgage Loan under Section
      1001 of the Code (or final, temporary or proposed Treasury regulations
      promulgated thereunder) and (B) cause any Trust REMIC created hereunder to
      fail
      to qualify as a REMIC under the Code or the imposition of any tax on “prohibited
      transactions” or “contributions after the startup date” under the REMIC
      Provisions.

     

    Notwithstanding
      anything in this Agreement to the contrary, in the event of a Principal
      Prepayment in full of a Mortgage Loan, the Servicer may not waive any Prepayment
      Charge or portion thereof required by the terms of the related Mortgage Note
      unless (i) the Servicer determines that such waiver would maximize recovery
      of
      Liquidation Proceeds for such Mortgage Loan, taking into account the value
      of
      such Prepayment Charge, (ii)(A) the enforceability thereof is limited (1) by
      bankruptcy, insolvency, moratorium, receivership, or other similar law relating
      to creditors’ rights generally or (2) due to acceleration in connection with a
      foreclosure or other involuntary payment, or (B) the enforceability is otherwise
      limited or prohibited by applicable law or (iii) the Servicer has not been
      provided with information sufficient to enable it to collect the Prepayment
      Charge. If a Prepayment Charge is waived as permitted by meeting the standard
      described in clause (iii) above, then the Servicer shall enforce the obligation
      of the related Originator to pay the amount of such waived Prepayment Charge
      to
      the Servicer for deposit in the Collection Account (to the extent paid by the
      related Originator) for the benefit of the Holders of the Class P
      Certificates.

     

    In
      the
      event of a Principal Prepayment in full with respect to any Mortgage Loan,
      the
      Servicer shall deliver to the Trustee a certification of a Servicing Officer
      substantially in the form of Exhibit J no later than the third Business Day
      following the immediately succeeding Determination Date with a copy to the
      Class
      CE Certificateholder.

     

    Promptly
      upon the earlier of discovery by the Servicer or receipt of notice by the
      Servicer of the breach of the covenant of the Servicer set forth above which
      materially and adversely affects the interests of the Holders of the Class
      P
      Certificates in any Prepayment Charge, the Servicer shall promptly pay the
      amount of such waived Prepayment Charge (or such portion thereof as had been
      waived), for the benefit of the holders of the Class P Certificates by
      depositing such amount into the Collection Account for distribution in
      accordance with the terms of this Agreement. The foregoing shall not, however,
      limit any remedies available to the Certificateholders, the Depositor or the
      Trustee on behalf of the Trust Fund and for the benefit of the
      Certificateholders, pursuant to the Mortgage Loan Purchase Agreement, respecting
      a breach of the representations, warranties and covenants of the Originator
      or
      the Seller contained in the Mortgage Loan Purchase Agreement.

     

    With
      respect to each Mortgage Loan which is the subject of a Principal Prepayment
      in
      full, which prepayment is not accompanied by the payment of a Prepayment Charge,
      the Trustee shall verify that such Mortgage Loan was identified on the Mortgage
      Loan Schedule as not being subject to a Prepayment Charge.

     

    The
      Servicer may delegate its responsibilities under this Agreement; provided,
      however, that no such delegation shall release the Servicer from the
      responsibilities or liabilities arising under this Agreement.

     

    As
      part
      of its servicing activities hereunder, the Servicer, for the benefit of the
      Trustee and the Certificateholders, shall enforce the obligations of each
      Originator and the Seller under the Mortgage Loan Purchase Agreements,
      including, without limitation, any obligation of either Originator or the Seller
      to purchase a Mortgage Loan on account of missing or defective documentation
      or
      on account of a breach of a representation, warranty or covenant, as described
      in Section 2.03(a).

     

    
      	SECTION
              3.02.  	
              Sub-Servicing
                Agreements Between Servicer and
                Sub-Servicers.

            

    

     

    The
      Servicer may enter into Sub-Servicing Agreements (provided that such agreements
      would not result in a withdrawal or a downgrading by the Rating Agency of the
      rating on any Class of Certificates) with Sub-Servicers, for the servicing
      and
      administration of the Mortgage Loans.

     

    Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      in which the related Mortgaged Properties it is to service are situated, if
      and
      to the extent required by applicable law to enable the Sub-Servicer to perform
      its obligations hereunder and under the Sub-Servicing Agreement, (ii) an
      institution approved as a mortgage loan originator by the Federal Housing
      Administration or an institution the deposit accounts of which are insured
      by
      the FDIC and (iii) a Freddie Mac or Fannie Mae approved mortgage servicer.
      Each
      Sub-Servicing Agreement must impose on the Sub-Servicer requirements conforming
      to the provisions set forth in Section 3.08 and provide for servicing of the
      Mortgage Loans consistent with the terms of this Agreement. The Servicer will
      examine each Sub-Servicing Agreement and will be familiar with the terms
      thereof. The terms of any Sub-Servicing Agreement will not be inconsistent
      with
      any of the provisions of this Agreement. The Servicer and the Sub-Servicers
      may
      enter into and make amendments to the Sub-Servicing Agreements or enter into
      different forms of Sub-Servicing Agreements; provided, however, that any such
      amendments or different forms shall be consistent with and not violate the
      provisions of this Agreement, and that no such amendment or different form
      shall
      be made or entered into which could be reasonably expected to be materially
      adverse to the interests of the Certificateholders, without the consent of
      the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      variation without the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights from the provisions set forth in Section 3.08
      relating to insurance or priority requirements of Sub-Servicing Accounts, or
      credits and charges to the Sub-Servicing Accounts or the timing and amount
      of
      remittances by the Sub-Servicers to the Servicer, are conclusively deemed to
      be
      inconsistent with this Agreement and therefore prohibited. The Servicer shall
      deliver to the Trustee copies of all Sub-Servicing Agreements, and any
      amendments or modifications thereof, promptly upon the Servicer’s execution and
      delivery of such instruments.

     

    As
      part
      of its servicing activities hereunder, the Servicer (except as otherwise
      provided in the last sentence of this paragraph), for the benefit of the Trustee
      and the Certificateholders, shall enforce the obligations of each Sub-Servicer
      under the related Sub-Servicing Agreement, including, without limitation, any
      obligation to make advances in respect of delinquent payments as required by
      a
      Sub-Servicing Agreement. Such enforcement, including, without limitation, the
      legal prosecution of claims, termination of Sub-Servicing Agreements, and the
      pursuit of other appropriate remedies, shall be in such form and carried out
      to
      such an extent and at such time as the Servicer, in its good faith business
      judgment, would require were it the owner of the related Mortgage Loans. The
      Servicer shall pay the costs of such enforcement at its own expense, and shall
      be reimbursed therefor only (i) from a general recovery resulting from such
      enforcement, to the extent, if any, that such recovery exceeds all amounts
      due
      in respect of the related Mortgage Loans, or (ii) from a specific recovery
      of
      costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed.

     

    For
      purposes of this Agreement, the Servicer shall be deemed to have received any
      collections, recoveries or payments with respect to the Mortgage Loans that
      are
      received by a Sub- Servicer regardless of whether such payments are remitted
      by
      the Sub-Servicer to the Servicer.

     

    Notwithstanding
      the provisions of any Sub-Servicing Agreement, any of the provisions of this
      Agreement relating to agreements or arrangements between the Servicer or a
      Sub-Servicer or reference to actions taken through a Servicer or otherwise,
      the
      Servicer shall remain obligated and liable to the Depositor, the Trustee and
      the
      Certificateholders for the servicing and administration of the Mortgage Loans
      in
      accordance with the provisions of this Agreement without diminution of such
      obligation or liability by virtue of such Sub-Servicing Agreements or
      arrangements or by virtue of indemnification from the Sub-Servicer and to the
      same extent and under the same terms and conditions as if the Servicer alone
      were servicing and administering the Mortgage Loans. Every Sub-Servicing
      Agreement entered into by the Servicer shall contain a provision giving the
      successor Servicer the option to terminate such agreement in the event a
      successor Servicer is appointed. All actions of each Sub-Servicer performed
      pursuant to the related Sub-Servicing Agreement shall be performed as an agent
      of the Servicer with the same force and effect as if performed directly by
      the
      Servicer.

     

    
      	SECTION
              3.03.  	
              Successor
                Sub-Servicers.

            

    

     

    The
      Servicer shall be entitled to terminate any Sub-Servicing Agreement and the
      rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
      Agreement in accordance with the terms and conditions of such Sub-Servicing
      Agreement. In the event of termination of any Sub-Servicer, all servicing
      obligations of such Sub-Servicer shall be assumed simultaneously by the Servicer
      without any act or deed on the part of such Sub-Servicer or the Servicer, and
      the Servicer either shall service directly the related Mortgage Loans or shall
      enter into a Sub-Servicing Agreement with a successor Sub-Servicer which
      qualifies under Section 3.02.

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Trustee (if the Trustee is acting as Servicer)
      without fee, in accordance with the terms of this Agreement, in the event that
      the Servicer (or the Trustee, if it is then acting as Servicer) shall, for
      any
      reason, no longer be the Servicer (including termination due to a Servicer
      Event
      of Default).

     

    
      	SECTION
              3.04.  	
              No
                Contractual Relationship Between Sub-Servicer, Trustee or the
                Certificateholders.

            

    

     

    Any
      Sub-Servicing Agreement that may be entered into and any other transactions
      or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone
      and the Trustee and the Certificateholders shall not be deemed parties thereto
      and shall have no claims, rights, obligations, duties or liabilities with
      respect to the Sub-Servicer except as set forth in Section 3.05. The Servicer
      shall be solely liable for all fees owed by it to any Sub-Servicer, irrespective
      of whether the Servicer’s compensation pursuant to this Agreement is sufficient
      to pay such fees.

     

    
      	SECTION
              3.05.  	
              Assumption
                or Termination of Sub-Servicing Agreement by Trustee. 

            

    

     

    In
      the
      event the Servicer shall for any reason no longer be the servicer (including
      by
      reason of the occurrence of a Servicer Event of Default), the Trustee or its
      designee shall thereupon assume all of the rights and obligations of the
      Servicer under each Sub-Servicing Agreement that the Servicer may have entered
      into, unless the Trustee elects to terminate any Sub-Servicing Agreement in
      accordance with its terms as provided in Section 3.03. Upon such assumption,
      the
      Trustee, its designee or the successor servicer for the Trustee appointed
      pursuant to Section 7.02 shall be deemed, subject to Section 3.03, to have
      assumed all of the Servicer’s interest therein without act or deed on the part
      of the Trustee and shall be deemed to have replaced the Servicer as a party
      to
      each Sub-Servicing Agreement to the same extent as if each Sub-Servicing
      Agreement had been assigned to the assuming party, except that (i) the Servicer
      shall not thereby be relieved of any liability or obligations under any
      Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any
      successor Servicer shall be deemed to have assumed any liability or obligation
      of the Servicer that arose before it ceased to be the Servicer.

     

    The
      Servicer at its expense shall, upon request of the Trustee, deliver to the
      assuming party all documents and records relating to each Sub-Servicing
      Agreement and the Mortgage Loans then being serviced and an accounting of
      amounts collected and held by or on behalf of it, and otherwise use its best
      efforts to effect the orderly and efficient transfer of the Sub-Servicing
      Agreements to the assuming party.

     

    
      	SECTION
              3.06.  	
              [Reserved].

            

    

     

    
      	SECTION
              3.07.  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement, follow such collection
      procedures as it would follow with respect to mortgage loans comparable to
      the
      Mortgage Loans and held for its own account. Consistent with the foregoing,
      the
      Servicer may in its discretion (i) waive any late payment charge or, if
      applicable, penalty interest or (ii) extend the due dates for the Monthly
      Payments due on a Mortgage Note for a period of not greater than 180 days;
      provided that any extension pursuant to this clause shall not affect the
      amortization schedule of any Mortgage Loan for purposes of any computation
      hereunder. In the event of any such arrangement pursuant to clause (ii) above,
      the Servicer shall make timely advances on such Mortgage Loans during such
      extension pursuant to Section 4.03 and in accordance with the amortization
      schedule of such Mortgage Loan without modification thereof by reason of such
      arrangements. Notwithstanding the foregoing, in the event that any Mortgage
      Loan
      is in default or, in the judgment of the Servicer, such default is reasonably
      foreseeable, the Servicer, consistent with the standards set forth in Section
      3.01 may waive, modify or vary any term of such Mortgage Loan (including
      modifications that change the Mortgage Rate, forgive the payment of principal
      or
      interest or extend the final maturity date of such Mortgage Loan), accept
      payment from the related Mortgagor of an amount less than the Stated Principal
      Balance in final satisfaction of such Mortgage Loan (such payment, a “Short
      Pay-off”), or consent to the postponement of strict compliance with any such
      term or otherwise grant indulgence to any Mortgagor if in the Servicer’s
      determination such waiver, modification, postponement or indulgence is not
      materially adverse to the interests of the Certificateholders (taking into
      account any estimated Realized Loss that might result absent such action).
      The
      Servicer’s analysis supporting any forbearance and the conclusion that any
      forbearance meets the standards of Section 3.01 shall be reflected in writing
      in
      the Mortgage File. 

     

    
      	SECTION
              3.08.  	
               Sub-Servicing
                Accounts.

            

    

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall comply with all
      requirements of this Agreement relating to the Collection Account. The
      Sub-Servicer shall deposit in the clearing account (which account must be an
      Eligible Account) in which it customarily deposits payments and collections
      on
      mortgage loans in connection with its mortgage loan servicing activities on
      a
      daily basis, and in no event more than two Business Days after the
      Sub-Servicer’s receipt thereof, all proceeds of Mortgage Loans received by the
      Sub-Servicer less its servicing compensation to the extent permitted by the
      Sub-Servicing Agreement, and shall thereafter deposit such amounts in the
      Sub-Servicing Account, in no event more than one Business Day after the deposit
      of such funds into the clearing account. The Sub-Servicer shall thereafter
      deposit such proceeds in the Collection Account or remit such proceeds to the
      Servicer for deposit in the Collection Account not later than two Business
      Days
      after the deposit of such amounts in the Sub-Servicing Account. For purposes
      of
      this Agreement, the Servicer shall be deemed to have received payments on the
      Mortgage Loans when the Sub-Servicer receives such payments.

    

     

    
      	SECTION
              3.09.  	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts.

            

    

     

    To
      the
      extent the terms of a Mortgage provide for Escrow Payments, the Servicer shall
      establish and maintain one or more accounts (the “Servicing Accounts”), into
      which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of ground rents, taxes, assessments, primary
      mortgage insurance premiums, fire, flood, and hazard insurance premiums, water
      charges, sewer rents and comparable items for the account of the Mortgagors
      (“Escrow Payments”) shall be deposited and retained. Servicing Accounts shall be
      Eligible Accounts. The Servicer shall deposit in the Servicing Accounts on
      a
      daily basis and in no event later than the second Business Day after receipt,
      and retain therein, all Escrow Payments collected on account of the Mortgage
      Loans, for the purpose of effecting the timely payment of any such items as
      required under the terms of this Agreement. Withdrawals of amounts from a
      Servicing Account may be made only to (i) effect timely payment of taxes,
      assessments, fire, flood, and hazard insurance premiums, and comparable items;
      (ii) reimburse the Servicer out of related collections for any advances made
      pursuant to Section 3.01 (with respect to taxes and assessments) and Section
      3.14 (with respect to fire, flood and hazard insurance); (iii) refund to
      Mortgagors any sums as may be determined to be overages; (iv) pay interest,
      if
      required and as described below, to Mortgagors on balances in the Servicing
      Account; or (v) clear and terminate the Servicing Account at the termination
      of
      the Servicer’s obligations and responsibilities in respect of the Mortgage Loans
      under this Agreement in accordance with Article IX. As part of its servicing
      duties, the Servicer shall pay to the Mortgagors interest on funds in Servicing
      Accounts, to the extent required by law and, to the extent that interest earned
      on funds in the Servicing Accounts is insufficient, to pay such interest from
      its or their own funds, without any reimbursement therefor. Notwithstanding
      the
      foregoing, the Servicer shall not be obligated to collect Escrow Payments if
      the
      related Mortgage Loan does not require such payments but the Servicer shall
      nevertheless be obligated to make Servicing Advances as provided in Section
      3.01. In the event the Servicer shall deposit in the Servicing Accounts any
      amount not required to be deposited therein, it may at any time withdraw such
      amount from the Servicing Accounts, any provision to the contrary
      notwithstanding.

     

    To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Servicer (i)
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that is necessary to avoid the loss of the Mortgaged Property
      due
      to a tax sale or the foreclosure as a result of a tax lien and (ii) shall ensure
      that all insurance required to be maintained on the Mortgaged Property pursuant
      to this Agreement is maintained. If any such payment has not been made and
      the
      Servicer receives notice of a tax lien with respect to the Mortgage Loan being
      imposed, the Servicer will, promptly and to the extent required to avoid loss
      of
      the Mortgaged Property, advance or cause to be advanced funds necessary to
      discharge such lien on the Mortgaged Property. The Servicer assumes full
      responsibility for the payment of all such bills and shall effect payments
      of
      all such bills irrespective of the Mortgagor’s faithful performance in the
      payment of same or the making of the Escrow Payments and shall make Servicing
      Advances from its own funds to effect such payments.

     

    
      	SECTION
              3.10.  	
              Collection
                Account, Distribution Account and Initial Deposit
                Accounts.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain one or more
      accounts (such account or accounts, the “Collection Account”), held in trust for
      the benefit of the Trustee and the Certificateholders. On behalf of the Trust
      Fund, the Servicer shall deposit or cause to be deposited in the Collection
      Account on a daily basis and in no event later than two Business Days after
      receipt, as and when received or as otherwise required hereunder, the following
      payments and collections received or made by it on or subsequent to the Cut-off
      Date:

     

    (i)  all
      payments on account of principal, including Principal Prepayments, on the
      Mortgage Loans;

     

    (ii)  all
      payments on account of interest (net of the related Servicing Fee) on each
      Mortgage Loan;

     

    (iii)  all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
      in
      respect of any particular REO Property and amounts paid by the Servicer in
      connection with a purchase of Mortgage Loans and REO Properties pursuant to
      Section 9.01);

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Collection Account;

     

    (v)  any
      amounts required to be deposited by the Servicer pursuant to the second
      paragraph of Section 3.14(a) in respect of any blanket policy
      deductibles;

     

    (vi)  any
      Purchase Price or Substitution Shortfall Amount delivered to the Servicer and
      all proceeds (net of amounts payable or reimbursable to the Servicer) of
      Mortgage Loans purchased in accordance with Section 9.01; and

     

    (vii)  any
      Prepayment Charges or amounts required to be deposited by the Servicer in
      connection with a breach of its obligations under Section 3.01 with respect
      to
      the waiver of Prepayment Charges.

     

    The
      foregoing requirements for deposit in the Collection Accounts shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of late payment charges, assumption
      fees or other similar fees need not be deposited by the Servicer in the
      Collection Account. In the event the Servicer shall deposit in the Collection
      Account any amount not required to be deposited therein, it may at any time
      withdraw such amount from the Collection Account, any provision herein to the
      contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Trustee shall establish and maintain one or more accounts
      (such account or accounts, the “Distribution Account”), held in trust for the
      benefit of the Trustee, the Trust Fund and the Certificateholders. On behalf
      of
      the Trust Fund, the Servicer shall deliver to the Trustee in immediately
      available funds for deposit in the Distribution Account on or before 3:00 p.m.
      New York time (i) on the Servicer Remittance Date, that portion of the Available
      Distribution Amount (calculated without regard to the references in clause
      (2)
      of the definition thereof to amounts that may be withdrawn from the Distribution
      Account) for the related Distribution Date then on deposit in the Collection
      Account and the amount of all Prepayment Charges collected by the Servicer
      in
      connection with the Principal Prepayment of any of the Mortgage Loans (including
      the amount of any payment by the Servicer in respect of a waived Prepayment
      Charge, other than as permitted in Section 3.01) then on deposit in the
      Collection Account and the amount of any funds reimbursable to an Advance
      Financing Person pursuant to Section 3.28, and (ii) on each Business Day as
      of
      the commencement of which the balance on deposit in the Collection Account
      exceeds $75,000 following any withdrawals pursuant to the next succeeding
      sentence, the amount of such excess, but only if the Collection Account
      constitutes an Eligible Account solely pursuant to clause (ii) of the definition
      of “Eligible Account.” If the balance on deposit in the Collection Account
      exceeds $75,000 as of the commencement of business on any Business Day and
      the
      Collection Account constitutes an Eligible Account solely pursuant to clause
      (ii) of the definition of “Eligible Account,” the Servicer shall, on or before
      5:00 p.m. New York time on such Business Day, withdraw from the Collection
      Account any and all amounts payable or reimbursable to the Depositor, the
      Servicer, the Trustee, the Originator or the Seller pursuant to Section 3.11
      and
      shall pay such amounts to the Persons entitled thereto.

     

    (c)  Funds
      in
      the Collection Account and the Distribution Account may be invested in Permitted
      Investments in accordance with the provisions set forth in Section 3.12. The
      Servicer shall give notice to the Trustee of the location of the Collection
      Account maintained by it when established and prior to any change thereof.
      The
      Trustee shall give notice to the Servicer and the Depositor of the location
      of
      the Distribution Account when established and prior to any change
      thereof.

     

    (d)  Funds
      held in the Collection Account at any time may be delivered by the Servicer
      in
      immediately available funds to the Trustee for deposit in the Distribution
      Account. In the event the Servicer shall deliver to the Trustee for deposit
      in
      the Distribution Account any amount not required to be deposited therein, it
      may
      at any time request that the Trustee withdraw such amount from the Distribution
      Account and remit to it any such amount, any provision herein to the contrary
      notwithstanding. In no event shall the Trustee incur liability as a result
      of
      withdrawals from the Distribution Account at the direction of the Servicer
      in
      accordance with the immediately preceding sentence. In addition, the Servicer
      shall deliver to the Trustee from time to time for deposit in the Distribution
      Account the amounts set forth in clauses (i) through (iv) below:

     

    (i)  any
      Advances, as required pursuant to Section 4.03;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.23(d) or 3.23(f) in
      connection with any REO Property;

     

    (iii)  any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 9.01; and

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.24 in connection with
      any
      Prepayment Interest Shortfalls.

     

    
      	SECTION
              3.11.  	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes or as described in Section 4.03:

     

    (i)  to
      remit
      to the Trustee for deposit in the Distribution Account the amounts required
      to
      be so remitted pursuant to Section 3.10(b) or permitted to be so remitted
      pursuant to the first sentence of Section 3.10(d);

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for Advances, but only to the
      extent of amounts received which represent Late Collections (net of the related
      Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which
      such
      Advances were made in accordance with the provisions of Section
      4.03;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer any unpaid Servicing Fees and reimburse
      the Servicer any unreimbursed Servicing Advances with respect to each Mortgage
      Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds
      received with respect to such Mortgage Loan;

     

    (iv)  to
      pay to
      the Servicer as servicing compensation (in addition to the Servicing Fee) on
      the
      Servicer Remittance Date any interest or investment income earned on funds
      deposited in the Collection Account;

     

    (v)  to
      pay to
      the Servicer, the related Originator or the Seller, as the case may be, with
      respect to each Mortgage Loan that has previously been purchased or replaced
      pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon not
      included in the Purchase Price or the Substitution Shortfall
      Amount;

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance or a
      Nonrecoverable Servicing Advance in accordance with the provisions of Section
      4.03;

     

    (vii)  to
      reimburse the Servicer or the Depositor for expenses incurred by or reimbursable
      to the Servicer or the Depositor, as the case may be, pursuant to Section 3.01
      or Section 6.03;

     

    (viii)  to
      reimburse the Servicer or the Trustee, as the case may be, for expenses
      reasonably incurred in respect of the breach or defect giving rise to the
      purchase obligation under Section 2.03 of this Agreement that were included
      in
      the Purchase Price of the Mortgage Loan, including any expenses arising out
      of
      the enforcement of the purchase obligation;

     

    (ix)  to
      pay,
      or to reimburse the Servicer for advances in respect of, expenses incurred
      in
      connection with any Mortgage Loan pursuant to Section 3.16(b); and

     

    (x)  to
      clear
      and terminate the Collection Account pursuant to Section 9.01.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (v), (vi), (viii) and (ix) above. The Servicer shall
      provide written notification to the Trustee on or prior to the next succeeding
      Servicer Remittance Date, upon making any withdrawals from the Collection
      Account pursuant to subclauses (vi) and (vii) above.

     

    (b)  The
      Trustee shall, from time to time, make withdrawals from the Distribution
      Account, for any of the following purposes, without priority:

     

    (i)  to
      make
      distributions to Certificateholders in accordance with Section
      4.01;

     

    (ii)  to
      pay to
      itself amounts to which it is entitled pursuant to Section 8.05 and any
      Extraordinary Trust Fund Expenses;

     

    (iii)  to
      reimburse itself pursuant to Section 7.02;

     

    (iv)  to
      pay to
      an Advance Financing Person reimbursements for Advances and/or Servicing
      Advances pursuant to Section 3.28;

     

    (v)  to
      pay
      any amounts in respect of taxes pursuant to Section 10.01(g)(iii);
      and

     

    (vi)  to
      clear
      and terminate the Distribution Account pursuant to Section 9.01.

     

    
      	SECTION
              3.12.  	
              Investment
                of Funds in the Investment
                Accounts.

            

    

     

    (a)  The
      Servicer may direct, by means of written directions (which may be standing
      directions), any depository institution maintaining the Collection Account
      to
      invest the funds in the Collection Account (for purposes of this Section 3.12,
      an “Investment Account”) in one or more Permitted Investments bearing interest
      or sold at a discount, and maturing, unless payable on demand, (i) no later
      than
      the Business Day immediately preceding the date on which such funds are required
      to be withdrawn from such account pursuant to this Agreement, if a Person other
      than the Trustee is the obligor thereon, and (ii) no later than the date on
      which such funds are required to be withdrawn from such account pursuant to
      this
      Agreement, if the Trustee is the obligor thereon. Amounts in the Distribution
      Account may be held uninvested. All such Permitted Investments shall be held
      to
      maturity, unless payable on demand. Any investment of funds shall be made in
      the
      name of the Trustee (in its capacity as such) or in the name of a nominee of
      the
      Trustee. The Trustee shall be entitled to sole possession over each such
      investment (except with respect to investment direction of funds held in the
      Collection Account) and, subject to subsection (b) below, the income thereon,
      and any certificate or other instrument evidencing any such investment shall
      be
      delivered directly to the Trustee or its agent, together with any document
      of
      transfer necessary to transfer title to such investment to the Trustee or its
      nominee. In the event amounts on deposit in the Collection Account are at any
      time invested in a Permitted Investment payable on demand, the party with
      investment discretion over such Investment Account shall:

     

    (x) consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trustee that such Permitted Investment would not
      constitute a Permitted Investment in respect of funds thereafter on deposit
      in
      the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account held by or on behalf of the Servicer or the Trustee, shall
      be
      for the benefit of the Servicer and shall be subject to its withdrawal in
      accordance with Section 3.11. The Servicer shall deposit in the Collection
      Account the amount of any loss incurred in respect of any such Permitted
      Investment made with funds in such account immediately upon realization of
      such
      loss. 

     

    (c)  All
      income and gain realized from the investment of funds deposited in the
      Distribution Account held by or on behalf of the Trustee, shall be for the
      benefit of the Trustee and shall be subject to its withdrawal at any time.
      The
      Trustee shall deposit in the Distribution Account, the amount of any loss of
      principal incurred in respect of any such Permitted Investment made with funds
      in such accounts immediately upon realization of such loss.

     

    (d)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trustee
      may and, subject to Section 8.01 and Section 8.02(v), shall, at the written
      direction of the Servicer, take such action as may be appropriate to enforce
      such payment or performance, including the institution and prosecution of
      appropriate proceedings.

     

    (e)  The
      Trustee or its Affiliates are permitted to receive additional compensation
      that
      could be deemed to be in the Trustee’s economic self-interest for (i) serving as
      investment adviser, administrator, shareholder servicing agent, custodian or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      Affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments. Such compensation
      shall
      not be considered an amount that is reimbursable or payable to the Trustee
      pursuant to Section 3.11 or 3.12 or otherwise payable in respect of
      Extraordinary Trust Fund Expenses.

     

    
      	SECTION
              3.13.  	
               [Reserved].

            

    

     

    
      	SECTION
              3.14.  	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            

    

     

    (a)  The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire, flood
      and
      hazard insurance policies. To the extent such policies are not maintained,
      the
      Servicer shall cause to be maintained for each Mortgaged Property fire and
      hazard insurance with extended coverage as is customary in the area where the
      Mortgaged Property is located in an amount which is at least equal to the least
      of: (i) the current principal balance of such Mortgage Loan, (ii) the amount
      necessary to fully compensate for any damage or loss to the improvements which
      are a part of such property on a replacement cost basis and (iii) the maximum
      insurable value of the improvements which are a part of such Mortgaged Property,
      in each case in an amount not less than such amount as is necessary to avoid
      the
      application of any coinsurance clause contained in the related hazard insurance
      policy. The Servicer shall also cause to be maintained fire and hazard insurance
      on each REO Property with extended coverage as is customary in the area where
      the Mortgaged Property is located in an amount which is at least equal to the
      lesser of (i) the maximum insurable value of the improvements which are a part
      of such property and (ii) the outstanding principal balance of the related
      Mortgage Loan at the time it became an REO Property. The Servicer will comply
      in
      the performance of this Agreement with all reasonable rules and requirements
      of
      each insurer under any such hazard policies. Any amounts to be collected by
      the
      Servicer under any such policies (other than amounts to be applied to the
      restoration or repair of the property subject to the related Mortgage or amounts
      to be released to the Mortgagor in accordance with the procedures that the
      Servicer would follow in servicing loans held for its own account, subject
      to
      the terms and conditions of the related Mortgage and Mortgage Note) shall be
      deposited in the Collection Account, subject to withdrawal pursuant to Section
      3.11, if received in respect of a Mortgage Loan, or in the REO Account, subject
      to withdrawal pursuant to Section 3.23, if received in respect of an REO
      Property. Any cost incurred by the Servicer in maintaining any such insurance
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid principal balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit. It is understood
      and agreed that no earthquake or other additional insurance is to be required
      of
      any Mortgagor other than pursuant to such applicable laws and regulations as
      shall at any time be in force and as shall require such additional insurance.
      If
      the Mortgaged Property or REO Property is at any time in an area identified
      in
      the Federal Register by the Federal Emergency Management Agency as having
      special flood hazards, the Servicer will cause to be maintained a flood
      insurance policy in respect thereof. Such flood insurance shall be in an amount
      equal to the lesser of (i) the unpaid principal balance of the related Mortgage
      Loan and (ii) the maximum amount of such insurance available for the related
      Mortgaged Property under the national flood insurance program (assuming that
      the
      area in which such Mortgaged Property is located is participating in such
      program).

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
      Guide (or such other rating that is comparable to such rating) insuring against
      hazard losses on all of the Mortgage Loans, it shall conclusively be deemed
      to
      have satisfied its obligations as set forth in the first two sentences of this
      Section 3.14, it being understood and agreed that such policy may contain a
      deductible clause, in which case the Servicer shall, in the event that there
      shall not have been maintained on the related Mortgaged Property or REO Property
      a policy complying with the first two sentences of this Section 3.14, and there
      shall have been one or more losses which would have been covered by such policy,
      deposit to the Collection Account from its own funds the amount not otherwise
      payable under the blanket policy because of such deductible clause. In
      connection with its activities as administrator and servicer of the Mortgage
      Loans, the Servicer agrees to prepare and present, on behalf of itself, the
      Trustee, the Trust Fund and the Certificateholders, claims under any such
      blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

    (b)  The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of its respective obligations under this Agreement, which policy
      or
      policies shall be in such form and amount that would meet the requirements
      of
      Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans, unless
      the Servicer, has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The Servicer shall each also maintain a fidelity bond in the form
      and amount that would meet the requirements of Fannie Mae or Freddie Mac, unless
      the Servicer, has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The Servicer shall be deemed to have complied with this provision
      if an Affiliate of the Servicer, has such errors and omissions and fidelity
      bond
      coverage and, by the terms of such insurance policy or fidelity bond, the
      coverage afforded thereunder extends to the Servicer. Any such errors and
      omissions policy and fidelity bond shall by its terms not be cancelable without
      thirty days’ prior written notice to the Trustee. The Servicer shall also cause
      each Sub-Servicer to maintain a policy of insurance covering errors and
      omissions and a fidelity bond which would meet such requirements. 

     

    
      	SECTION
              3.15.  	
              Enforcement
                of Due-on-Sale Clauses; Assumption
                Agreements.

            

    

     

    The
      Servicer will, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
      conveyance or by contract of sale, and whether or not the Mortgagor remains
      or
      is to remain liable under the Mortgage Note and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer shall
      not exercise any such rights if prohibited by law from doing so. If the Servicer
      reasonably believes it is unable under applicable law to enforce such
“due-on-sale” clause, or if any of the other conditions set forth in the proviso
      to the preceding sentence apply, the Servicer will enter into an assumption
      and
      modification agreement from or with the person to whom such property has been
      conveyed or is proposed to be conveyed, pursuant to which such person becomes
      liable under the Mortgage Note and, to the extent permitted by applicable state
      law, the Mortgagor remains liable thereon. The Servicer is also authorized
      to
      enter into a substitution of liability agreement with such person, pursuant
      to
      which the original Mortgagor is released from liability and such person is
      substituted as the Mortgagor and becomes liable under the Mortgage Note,
      provided that no such substitution shall be effective unless such person
      satisfies the then current underwriting criteria of the Servicer for mortgage
      loans similar to the Mortgage Loans. In connection with any assumption or
      substitution, the Servicer shall apply such underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. The Servicer shall not take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable in the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy. Any fee collected
      by
      the Servicer in respect of an assumption or substitution of liability agreement
      will be retained by the Servicer as additional servicing compensation. In
      connection with any such assumption, no material term of the Mortgage Note
      (including but not limited to the related Mortgage Rate and the amount of the
      Monthly Payment) may be amended or modified, except as otherwise required
      pursuant to the terms thereof. The Servicer shall notify the Trustee that any
      such substitution or assumption agreement has been completed by forwarding
      to
      the Trustee the executed original of such substitution or assumption agreement,
      which document shall be added to the related Mortgage File and shall, for all
      purposes, be considered a part of such Mortgage File to the same extent as
      all
      other documents and instruments constituting a part thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason whatever.
      For purposes of this Section 3.15, the term “assumption” is deemed to also
      include a sale (of the Mortgaged Property) subject to the Mortgage that is
      not
      accompanied by an assumption or substitution of liability
      agreement.

     

    
      	SECTION
              3.16.  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)  The
      Servicer shall use its best efforts, consistent with Accepted Servicing
      Practices, to foreclose upon or otherwise comparably convert the ownership
      of
      properties securing such of the Mortgage Loans as come into and continue in
      default and as to which no satisfactory arrangements can be made for collection
      of delinquent payments pursuant to Section 3.07. The Servicer shall be
      responsible for all costs and expenses incurred by it in any such proceedings;
      provided, however, that such costs and expenses will be recoverable as Servicing
      Advances by the Servicer as contemplated in Sections 3.11 and 3.23. The
      foregoing is subject to the provision that, in any case in which a Mortgaged
      Property shall have suffered damage from an Uninsured Cause, the Servicer shall
      not be required to expend its own funds toward the restoration of such property
      unless it shall determine in its discretion that such restoration will increase
      the proceeds of liquidation of the related Mortgage Loan after reimbursement
      to
      itself for such expenses.

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.16 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Servicer shall
      not, on behalf of the Trust Fund, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trust Fund, the
      Trustee or the Certificateholders would be considered to hold title to, to
      be a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Servicer has also previously determined,
      based
      on its reasonable judgment and a prudent report prepared by an Independent
      Person who regularly conducts environmental audits using customary industry
      standards, that:

     

    (1) such
      Mortgaged Property is in compliance with applicable environmental laws or,
      if
      not, that it would be in the best economic interest of the Trust Fund to take
      such actions as are necessary to bring the Mortgaged Property into compliance
      therewith; and

     

    (2) there
      are
      no circumstances present at such Mortgaged Property relating to the use,
      management or disposal of any hazardous substances, hazardous materials,
      hazardous wastes or petroleum-based materials for which investigation, testing,
      monitoring, containment, clean-up or remediation could be required under any
      federal, state or local law or regulation, or that if any such materials are
      present for which such action could be required, that it would be in the best
      economic interest of the Trust Fund to take such actions with respect to the
      affected Mortgaged Property.

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.16 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund.
      The cost of any such compliance, containment, cleanup or remediation shall
      be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Sections 3.11(a)(iii) or
      3.11(a)(ix), such right of reimbursement being prior to the rights of
      Certificateholders to receive any amount in the Collection Account received
      in
      respect of the affected Mortgage Loan or other Mortgage Loans.

     

    (c)  The
      Servicer shall have the right to purchase from REMIC I any defaulted Mortgage
      Loan that is 90 days or more delinquent, which the Servicer determines in good
      faith will otherwise become subject to foreclosure proceedings (evidence of
      such
      determination to be delivered in writing to the Trustee, in form and substance
      satisfactory to the Servicer and the Trustee prior to purchase), at a price
      equal to the Purchase Price. The Purchase Price for any Mortgage Loan purchased
      hereunder shall be deposited in the Collection Account, and the Trustee, upon
      receipt of written certification from the Servicer of such deposit, shall
      release or cause to be released to the Servicer the related Mortgage File and
      the Trustee shall execute and deliver such instruments of transfer or
      assignment, in each case without recourse, as the Servicer shall furnish and
      as
      shall be necessary to vest in the Servicer title to any Mortgage Loan released
      pursuant hereto.

     

    (d) Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the Servicer for any related
      unreimbursed Servicing Advances and Advances, pursuant to Section 3.11(a)(ii)
      or
      (a)(iii); second, to accrued and unpaid interest on the Mortgage Loan, to the
      date of the Final Recovery Determination, or to the Due Date prior to the
      Distribution Date on which such amounts are to be distributed if not in
      connection with a Final Recovery Determination; and third, as a recovery of
      principal of the Mortgage Loan. If the amount of the recovery so allocated
      to
      interest is less than the full amount of accrued and unpaid interest due on
      such
      Mortgage Loan, the amount of such recovery will be allocated by the Servicer
      as
      follows: first, to unpaid Servicing Fees; and second, to the balance of the
      interest then due and owing. The portion of the recovery so allocated to unpaid
      Servicing Fees shall be reimbursed to the Servicer pursuant to Section
      3.11(a)(iii). The portion of the recovery allocated to interest (net of unpaid
      Servicing Fees) and the portion of the recovery allocated to principal of the
      Mortgage Loan shall be applied as follows: first, to reimburse the Servicer
      for
      any related unreimbursed Advances in accordance with Section 3.11(a)(ii) and
      any
      other amounts reimbursable to the Servicer pursuant to Section 3.11, and second,
      as part of the amounts to be transferred to the Distribution Account in
      accordance with Section 3.10(b).

     

    
      	SECTION
              3.17.  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will notify the Trustee by a certification in the
      form of Exhibit E (which certification shall include a statement to the effect
      that all amounts received or to be received in connection with such payment
      which are required to be deposited in the Collection Account pursuant to Section
      3.10 have been or will be so deposited) of a Servicing Officer and shall request
      delivery to it of the Mortgage File. Upon receipt of such certification and
      request, the Trustee shall promptly release the related Mortgage File to the
      Servicer and the Servicer is authorized to cause the removal from the
      registration on the MERS® System of any such Mortgage, if applicable, and to
      execute and deliver, on behalf of the Trustee and the Certificateholders or
      any
      of them, any and all instruments of satisfaction or cancellation or of partial
      or full release. No expenses incurred in connection with any instrument of
      satisfaction or deed of reconveyance shall be chargeable to the Collection
      Account or the Distribution Account.

     

    From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Trustee shall, upon request of the Servicer
      and delivery to the Trustee of a Request for Release in the form of Exhibit
      E,
      release the related Mortgage File to the Servicer, and the Trustee or the
      Servicer as attorney-in-fact of the Trustee shall, at the direction of the
      Servicer, execute such documents as shall be necessary to the prosecution of
      any
      such proceedings. Such Request for Release shall obligate the Servicer to return
      each and every document previously requested from the Mortgage File to the
      Trustee when the need therefor by the Servicer no longer exists, unless the
      Mortgage Loan has been liquidated and the Liquidation Proceeds relating to
      the
      Mortgage Loan have been deposited in the Collection Account or the Mortgage
      File
      or such document has been delivered to an attorney, or to a public trustee
      or
      other public official as required by law, for purposes of initiating or pursuing
      legal action or other proceedings for the foreclosure of the Mortgaged Property
      either judicially or non-judicially, and the Servicer has delivered to the
      Trustee a certificate of a Servicing Officer certifying as to the name and
      address of the Person to which such Mortgage File or such document was delivered
      and the purpose or purposes of such delivery. Upon receipt of a certificate
      of a
      Servicing Officer stating that such Mortgage Loan was liquidated and that all
      amounts received or to be received in connection with such liquidation that
      are
      required to be deposited into the Collection Account have been so deposited,
      or
      that such Mortgage Loan has become an REO Property, a copy of the Request for
      Release shall be released by the Trustee to the Servicer.

     

    Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer, any court pleadings, requests for trustee’s sale or
      other documents necessary to the foreclosure or trustee’s sale in respect of a
      Mortgaged Property or to any legal action brought to obtain judgment against
      any
      Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment,
      or to enforce any other remedies or rights provided by the Mortgage Note or
      Mortgage or otherwise available at law or in equity. Each such certification
      shall include a request that such pleadings or documents be executed by the
      Trustee and a statement as to the reason such documents or pleadings are
      required and that the execution and delivery thereof by the Trustee will not
      invalidate or otherwise affect the lien of the Mortgage, except for the
      termination of such a lien upon completion of the foreclosure or trustee’s sale.
      So long as no Servicing Termination Event shall have occurred and be continuing,
      the Servicer shall have the right to execute any and all such court pleadings,
      requests and other documents as attorney-in-fact for, and on behalf of the
      Trustee.

     

    
      	SECTION
              3.18.  	
              Servicing
                Compensation.

            

    

     

    As
      compensation for the activities of the Servicer, hereunder, the Servicer shall
      be entitled to the Servicing Fee with respect to each Mortgage Loan payable
      solely from payments of interest in respect of such Mortgage Loan, subject
      to
      Section 3.24. In addition, the Servicer shall be entitled to recover unpaid
      Servicing Fees out of Insurance Proceeds or Liquidation Proceeds to the extent
      permitted by Section 3.11(a)(iii) and out of amounts derived from the operation
      and sale of an REO Property to the extent permitted by Section 3.23. Except
      as
      set forth in Section 6.04 hereof, the right to receive the Servicing Fee may
      not
      be transferred in whole or in part except in connection with the transfer of
      all
      of the Servicer’s responsibilities and obligations under this Agreement to the
      extent permitted herein.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges
      and
      other miscellaneous fees (other than Prepayment Charges) shall be retained
      by
      the Servicer only to the extent such fees or charges are received by the
      Servicer. The Servicer shall also be entitled pursuant to Section 3.11(a)(iv)
      to
      withdraw from the Collection Account and pursuant to Section 3.23(b) to withdraw
      from any REO Account, as additional servicing compensation, interest or other
      income earned on deposits therein, subject to Section 3.12. The Servicer shall
      be required to pay all expenses incurred by it in connection with its servicing
      activities hereunder and shall not be entitled to reimbursement therefor except
      as specifically provided herein.

     

    
      	SECTION
              3.19.  	
              Reports
                to the Trustee; Collection Account
                Statements.

            

    

     

    Not
      later
      than fifteen days after each Distribution Date, the Servicer shall forward
      to
      the Trustee and the Depositor a statement prepared by the institution at which
      the Collection Account is maintained setting forth the status of the Collection
      Account as of the close of business on such Distribution Date and showing,
      for
      the period covered by such statement, the aggregate amount of deposits into
      and
      withdrawals from the Collection Account of each category of deposit specified
      in
      Section 3.10(a) and each category of withdrawal specified in Section 3.11.
      Such
      statement may be in the form of the then current Fannie Mae Monthly Accounting
      Report for its Guaranteed Mortgage Pass-Through Program with appropriate
      additions and changes, and shall also include information as to the aggregate
      of
      the outstanding principal balances of all of the Mortgage Loans as of the last
      day of the calendar month immediately preceding such Distribution Date. Copies
      of such statement shall be provided by the Trustee to any Certificateholder
      and
      to any Person identified to the Trustee as a prospective transferee of a
      Certificate, upon the request and at the expense of the requesting party,
      provided such statement is delivered by the Servicer to the
      Trustee.

     

    
      	SECTION
              3.20.  	
              Statement
                as to Compliance.

            

    

     

    The
      Servicer shall deliver to the Trustee, the Depositor and the Rating Agencies
      on
      or before March 15 of each year, commencing in 20[__], an officer’s certificate
      (an “Annual Statement of Compliance”), certifying that with respect to the
      period ending December 31st of the prior year: (i) the Servicer or such
      Servicing Officer, as applicable, has reviewed the activities of the Servicer
      during the preceding calendar year or portion thereof and its performance under
      this Agreement or other applicable servicing agreement and (ii) to the best
      of
      the Servicer’s or such Servicing Officer’s, as applicable, knowledge, based on
      such review, the Servicer has performed and fulfilled its duties,
      responsibilities and obligations under this Agreement or other applicable
      servicing agreement in all material respects throughout such year, or, if there
      has been a failure to fulfill of any such duties, responsibilities or
      obligations, in any material respect, specifying each such failure known to
      such
      Servicing Officer and the nature and status of cure provisions thereof. In
      addition to the foregoing, the Servicer will, to the extent reasonable, give
      any
      other servicing information required by the Securities and Exchange Commission
      pursuant to applicable law. The Servicer shall indemnify and hold harmless
      the
      Depositor and its officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses that such Person
      may sustain based upon a breach of the Servicer’s obligations under this Section
      3.20. Such Annual Statement of Compliance shall contain no restrictions or
      limitations on its use. In the event that the Servicer has delegated any
      servicing responsibilities with respect to the Mortgage Loans serviced by it
      to
      a Sub-Servicer, the Servicer shall deliver an officer's certificate of the
      Sub-Servicer as described above as to each Sub-Servicer as and when required
      with respect to the Servicer.

     

    If
      the
      Servicer cannot deliver the Annual Statement of Compliance by March 15th of
      such
      year, the Trustee, at its sole option, may permit a cure period for the related
      Servicer to deliver such Annual Statement of Compliance, but in no event later
      than March 30th of such year.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 shall be deemed an
      Servicer Event of Termination, automatically, without notice and without any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Servicer under this Agreement and in and to the Mortgage
      Loans and the proceeds thereof without compensating the Servicer for the same.
      This paragraph shall supercede any other provision in this Agreement or any
      other agreement to the contrary.

     

    
      	SECTION
              3.21.  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    On
      and
      after January 1, 2006, each of the Servicer and the Trustee shall service and
      administer the Mortgage Loans in accordance with all applicable requirements
      of
      the Servicing Criteria (as set forth in Exhibit [__]). Each of the Servicer
      and
      the Trustee shall deliver to the Depositor (and, in the case of the Servicer,
      the Trustee) on or before March 15th of each calendar year beginning in 20[__],
      a report (an “Assessment of Compliance”) reasonably satisfactory to the
      Depositor regarding the Servicer’s and Trustee’s assessment of compliance with
      the applicable Servicing Criteria during the preceding calendar year as required
      by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      which as of the date hereof, require a report by an authorized officer of the
      Servicer or the Trustee that contains the following:

     

    A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Servicer or the Trustee;

     

    A
      statement by such officer that such officer used the Servicing Criteria to
      assess compliance with the Servicing Criteria applicable to the Servicer or
      the
      Trustee;

     

    An
      assessment by such officer of the Servicer’s or Trustee’s compliance with the
      applicable Servicing Criteria for the period consisting of the preceding
      calendar year, including disclosure of any material instance of noncompliance
      with respect thereto during such period, which assessment shall be based on
      the
      activities it performs with respect to asset-backed securities transactions
      taken as a whole involving the Servicer or the Trustee, as applicable, that
      are
      backed by the same asset type as the Mortgage Loans;

     

    A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s or Trustee’s Assessment of Compliance for the period
      consisting of the preceding calendar year; and

     

    A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Servicer or Trustee, which statement shall be based on the activities it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer or Trustee, that are backed by the same asset type as
      the
      Mortgage Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on a
      certification substantially in the form of Exhibit [___] hereto delivered to
      the
      Depositor (and, in the case of the Servicer, the Trustee) concurrently with
      the
      execution of this Agreement.

     

    On
      or
      before March 15th of each calendar year beginning in 20[__], each of the
      Servicer and the Trustee shall furnish to the Depositor (and, in the case of
      the
      Servicer, the Trustee) a report (an “Attestation Report”) by a registered public
      accounting firm that attests to, and reports on, the Assessment of Compliance
      made by the Servicer or the Trustee, as applicable, as required by Rules 13a-18
      and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which
      Attestation Report must be made in accordance with standards for attestation
      reports issued or adopted by the Public Company Accounting Oversight Board.
      

     

    Each
      of
      the Servicer and the Trustee shall cause any servicer, and each subcontractor
      determined by the Servicer or the Trustee, as applicable, to be “participating
      in the servicing function” within the meaning of Item 1122 of Regulation AB, to
      deliver to the Depositor (and, in the case of the Servicer, the Trustee) an
      assessment of compliance and accountants’ attestation.

     

    If
      the
      Servicer or the Trustee cannot deliver the related Assessment of Compliance
      or
      Attestation Report by March 15th of such year, the Depositor, at its sole
      option, may permit a cure period for the Servicer or the Trustee, as applicable,
      to deliver such Assessment of Compliance or Attestation Report, but in no event
      later than March 30th of such year.

     

    Failure
      of the Servicer to timely comply with this Section 3.21 shall be deemed a
      Servicer Event of Termination, automatically, without notice and without any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Servicer under this Agreement and in and to the Mortgage
      Loans and the proceeds thereof without compensating the Servicer for the same.
      This paragraph shall supercede any other provision in this Agreement or any
      other agreement to the contrary.

     

    
      	SECTION
              3.22.  	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificate Owner, access to the documentation
      regarding the Mortgage Loans required by applicable laws and regulations. Such
      access shall be afforded without charge, but only upon reasonable request and
      during normal business hours at the offices of the Servicer designated by it.
      In
      addition, access to the documentation regarding the Mortgage Loans will be
      provided to any Certificate Owner, the Trustee and to any Person identified
      to
      the Servicer, as a prospective transferee of a Certificate, upon reasonable
      request during normal business hours at the offices of the Servicer designated
      by it at the expense of the Person requesting such access.

     

    
      	SECTION
              3.23.  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  The
      deed
      or certificate of sale of any REO Property shall be taken in the name of the
      Trustee, or its nominee, on behalf of the Trust Fund and for the benefit of
      the
      Certificateholders. The Servicer, on behalf of REMIC I, shall either sell any
      REO Property by the close of the third calendar year following the calendar
      year
      in which REMIC I acquires ownership of such REO Property for purposes of Section
      860(a)(8) of the Code or request from the Internal Revenue Service, no later
      than 60 days before the day on which the three-year grace period would otherwise
      expire an extension of the three-year grace period, unless the Servicer had
      delivered to the Trustee an Opinion of Counsel, addressed to the Trustee and
      the
      Depositor, to the effect that the holding by REMIC I of such REO Property
      subsequent to three years after its acquisition will not result in the
      imposition on any Trust REMIC created hereunder of taxes on “prohibited
      transactions” thereof, as defined in Section 860F of the Code, or cause any
      Trust REMIC hereunder to fail to qualify as a REMIC under Federal law at any
      time that any Certificates are outstanding. The Servicer shall manage, conserve,
      protect and operate each REO Property for the Certificateholders solely for
      the
      purpose of its prompt disposition and sale in a manner which does not cause
      such
      REO Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code or result in the receipt by any Trust REMIC
      created hereunder of any “income from non-permitted assets” within the meaning
      of Section 860F(a)(2)(B) of the Code, or any “net income from foreclosure
      property” which is subject to taxation under the REMIC Provisions.

     

    (b)  The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain with respect to REO Properties
      an account held in trust for the Trustee, on behalf of the Trust Fund and for
      the benefit of the Certificateholders (the “REO Account”), which shall be an
      Eligible Account. The Servicer shall be permitted to allow the Collection
      Account to serve as the REO Account, subject to separate ledgers for each REO
      Property. The Servicer shall be entitled to retain or withdraw any interest
      income paid on funds deposited in the REO Account.

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period as the Servicer deems
      to
      be in the best interests of Certificateholders. In connection therewith, the
      Servicer shall deposit, or cause to be deposited, on a daily basis in the REO
      Account all revenues received by it with respect to an REO Property and shall
      withdraw therefrom funds necessary for the proper operation, management and
      maintenance of such REO Property including, without limitation:

     

    (i)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii)  all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (iii)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance from
      its own funds such amount as is necessary for such purposes if, but only if,
      the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the rental or sale of the REO Property.

     

    Subject
      to compliance with applicable laws and regulations as shall at any time be
      in
      force, and notwithstanding the foregoing, the Servicer shall not:

     

    (i)  permit
      the Trust Fund to enter into, renew or extend any New Lease with respect to
      any
      REO Property, if the New Lease by its terms will give rise to any income that
      does not constitute Rents from Real Property;

     

    (ii)  permit
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (iii)  authorize
      or permit any construction on any REO Property, other than the completion of
      a
      building or other improvement thereon, and then only if more than ten percent
      of
      the construction of such building or other improvement was completed before
      default on the related Mortgage Loan became imminent, all within the meaning
      of
      Section 856(e)(4)(B) of the Code; or

     

    (iv)  allow
      any
      Person to Directly Operate any REO Property on any date more than 90 days after
      its date of acquisition by the Trust Fund; unless, in any such case, the
      Servicer has obtained an Opinion of Counsel, provided to the Servicer and the
      Trustee, to the effect that such action will not cause such REO Property to
      fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code at any time that it is held by REMIC I, in which case the Servicer
      may
      take such actions as are specified in such Opinion of Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property, provided that:

     

    (i)  the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii)  any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty days following the
      receipt thereof by such Independent Contractor;

     

    (iii)  none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Trust Fund and for the benefit of the Certificateholders with respect to
      the
      operation and management of any such REO Property; and

     

    (iv)  the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such
      fees.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.23(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself unpaid Servicing Fees in respect of the related Mortgage
      Loan;
      and (ii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing
      Advances and Advances made in respect of such REO Property or the related
      Mortgage Loan. On the Servicer Remittance Date, the Servicer shall withdraw
      from
      each REO Account maintained by it and deposit into the Distribution Account
      in
      accordance with Section 3.10(d)(ii), for distribution on the related
      Distribution Date in accordance with Section 4.01, the income from the related
      REO Property received during the prior calendar month, net of any withdrawals
      made pursuant to Section 3.23(c) or this Section 3.23(d).

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a) and consistent with the
      servicing standard set forth in Section 3.01, each REO Disposition shall be
      carried out by the Servicer at such price and upon such terms and conditions
      as
      the Servicer shall deem necessary or advisable, as shall be normal and usual
      in
      its Accepted Servicing Practices.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer as provided above, shall be deposited in the
      Distribution Account in accordance with Section 3.10(d)(ii) on the Servicer
      Remittance Date in the month following the receipt thereof for distribution
      on
      the related Distribution Date in accordance with Section 4.01. Any REO
      Disposition shall be for cash only (unless changes in the REMIC Provisions
      made
      subsequent to the Startup Day allow a sale for other
      consideration).

     

    (g)  The
      Servicer shall file information returns (and shall provide a certification
      of a
      Servicing Officer to the Trustee that such filings have been made) with respect
      to the receipt of mortgage interest received in a trade or business, reports
      of
      foreclosures and abandonments of any Mortgaged Property and cancellation of
      indebtedness income with respect to any Mortgaged Property as required by
      Sections 6050H, 6050J and 6050P of the Code, respectively. Such reports shall
      be
      in form and substance sufficient to meet the reporting requirements imposed
      by
      such Sections 6050H, 6050J and 6050P of the Code.

     

    
      	SECTION
              3.24.  	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    The
      Servicer shall deliver to the Trustee for deposit into the Distribution Account
      on or before 5:00 p.m. New York time on the Servicer Remittance Date from its
      own funds an amount equal to the lesser of (i) the aggregate of the Prepayment
      Interest Shortfalls attributable to prepayments in full for the related
      Distribution Date resulting from full or partial Principal Prepayments received
      by the Servicer during the related Prepayment Period and (ii) 50% of its
      aggregate Servicing Fee for the most recently ended Prepayment Period. The
      Servicer shall not have the right to reimbursement for any amounts remitted
      to
      the Trustee in respect of this Section 3.24. The Servicer shall not be obligated
      to pay the amounts set forth in this Section 3.24 with respect to Relief Act
      Interest Shortfalls.

     

    
      	SECTION
              3.25.  	
               [Reserved].

            

    

     

    
      	SECTION
              3.26.  	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Monthly Payments or Stated Principal Balances that were made by the Servicer
      in
      a manner not consistent with the terms of the related Mortgage Note and this
      Agreement, the Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Trustee for deposit in the Distribution Account
      from its own funds the amount of any such shortfall and shall indemnify and
      hold
      harmless the Trust Fund, the Trustee, the Depositor and any successor Servicer
      in respect of any such liability. Such indemnities shall survive the termination
      or discharge of this Agreement.

     

    
      	SECTION
              3.27.  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    (a)  No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself,
      as
      agent for the Trustee, a separate, segregated trust account titled, “Net WAC
      Rate Carryover Reserve Account, [NAME OF TRUSTEE], as Trustee, in trust for
      the
      registered holders of [National City Mortgage Capital LLC [Mortgage] Loan
      Trust], Series 20__-____, Mortgage Backed Pass-Through Certificates.” On the
      Closing Date, the Depositor will deposit, or cause to be deposited, into the
      Net
      WAC Rate Carryover Reserve Account, $1,000.

     

    (b)  On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A Certificates or the Mezzanine Certificates, the Trustee has
      been
      directed by the Class CE Certificateholders to, and therefore will, deposit
      into
      the Net WAC Rate Carryover Reserve Account the amounts described in
      Section 4.01(a)(4)(xiii),
      rather than distributing such amounts to the Class CE Certificateholders. On
      each such Distribution Date, the Trustee shall hold all such amounts for the
      benefit of the Holders of the Class A Certificates and the Mezzanine
      Certificates, and will distribute such amounts to the Holders of the Class
      A
      Certificates and the Mezzanine Certificates in the amounts and priorities set
      forth in Section 4.01(a). If no Net WAC Rate Carryover Amounts are payable
      on a
      Distribution Date, the Trustee shall deposit into the Net WAC Rate Carryover
      Reserve Account on behalf of the Class CE Certificateholders, from amounts
      otherwise distributable to the Class CE Certificateholders, an amount such
      that
      when added to other amounts already on deposit in the Net WAC Rate Carryover
      Reserve Account, the aggregate amount on deposit therein is equal to
      $1,000.

     

    (c)  For
      federal and state income tax purposes, the Class CE Certificateholders will
      be
      deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all
      amounts deposited into the Net WAC Rate Carryover Reserve Account (other than
      the initial deposit therein of $1,000) shall be treated as amounts distributed
      by REMIC II to the Holders of the Class CE Certificates. Upon the termination
      of
      the Trust Fund, or the payment in full of the Class A Certificates and the
      Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate
      Carryover Reserve Account will be released by the Trust Fund and distributed
      to
      the Class CE Certificateholders or their designees. The Net WAC Rate Carryover
      Reserve Account will be part of the Trust Fund but not part of any Trust REMIC
      and any payments to the Holders of the Class A Certificates or the Mezzanine
      Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
      to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    (d)  By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trustee, and the Trustee hereby is directed to deposit into the
      Net WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class CE Certificateholders. By accepting
      a Class CE Certificate, each Class CE Certificateholder further agrees that
      such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    (e)  At
      the
      written direction of the Holders of a majority in Percentage Interest in the
      Class CE Certificates, the Trustee shall direct any depository institution
      maintaining the Net WAC Rate Carryover Reserve Account to invest the funds
      in
      such account in one or more Permitted Investments bearing interest or sold
      at a
      discount, and maturing, unless payable on demand, (i) no later than the Business
      Day immediately preceding the date on which such funds are required to be
      withdrawn from such account pursuant to this Agreement, if a Person other than
      the Trustee or an Affiliate manages or advises such investment, and (ii) no
      later than the date on which such funds are required to be withdrawn from such
      account pursuant to this Agreement, if the Trustee or an Affiliate manages
      or
      advises such investment. If no investment direction of the Holders of a majority
      in Percentage Interest in the Class CE Certificates with respect to the Net
      WAC
      Rate Carryover Reserve Account is received by the Trustee, the Trustee shall
      invest the funds in Deutsche Cash Management Fund 541 so long as it is a
      Permitted Investment or as otherwise directed in writing by the Depositor on
      behalf of the Holders of a majority Percentage Interest in the Class CE
      Certificates. All income and gain earned upon such investment shall be deposited
      into the Net WAC Rate Carryover Reserve Account.

     

    (f)  For
      federal tax return and information reporting, the right of the Class A
      Certificateholders and the Mezzanine Certificateholders to receive payments
      from
      the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate
      Carryover Amount shall be assigned a value of zero.

     

    
      	SECTION
              3.28.  	
              Commission
                Reporting.

            

    

     

    (a)  (i)The
      Trustee and the Servicer shall reasonably cooperate with the Depositor in
      connection with the Trust’s satisfying the reporting requirements under the
      Exchange Act. Within 15 days after each Distribution Date, the Trustee shall,
      in
      accordance with industry standards, file with the Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form
      10-D, signed by the Depositor, with a copy of the monthly statement to be
      furnished by the Trustee to the Certificateholders for such Distribution Date
      and detailing all data elements specified in Item 1121(a) of Regulation AB
      as
      part of the monthly statement or otherwise as part of the Form 10-D; provided
      that the Trustee shall have received no later than four Business Days prior
      to
      the date such Distribution Report on Form 10-D is required to be filed, all
      information required to be provided to the Trustee as described in Section
      4.07(a)(iv). The information required to be filed on Form 10-D is as set forth
      in Exhibit C. The Trustee shall not be responsible for determining what
      information is required to be filed on Form 10-D or for any filing that is
      not
      made on a timely basis in accordance with Regulation AB in the event that such
      information is not delivered to the Trustee on or prior to the fourth Business
      Day prior to the applicable filing deadline.

     

    (ii) The
      Trustee will prepare and file Current Reports on Form 8-K in respect of the
      Trust, signed by the Depositor, as and when required; provided, that, the
      Trustee shall have received no later than four Business Days prior to the filing
      deadline for such Current Report, all information, data, and exhibits required
      to be provided or filed with such Current Report and required to be provided
      to
      the Trustee as described in Section 4.07(a)(iv) below. The Depositor shall
      prepare or cause to be prepared and file the Current Report on Form 8-K
      attaching this Agreement as an exhibit. The information required to be filed
      on
      Form 8-K is as set forth in Exhibit C. The Trustee shall not be responsible
      for
      determining what information is required to be filed on Form 8-K or for any
      filing that is not made on a timely basis in accordance with Regulation AB
      in
      the event that such information is not delivered to the Trustee on or prior
      to
      the fourth Business Day prior to the applicable filing deadline.

     

    (iii) No
      later
      than [________], the Trustee shall, in accordance with industry standards,
      file
      a Form 15 Suspension Notice with respect to the Trust Fund, if applicable.
      Prior
      to (x) March 15, 20[__] and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, prior to March 15th of each year thereafter, the Servicer
      shall provide the Trustee with an Annual Compliance Statement, together with
      a
      copy of the Assessment of Compliance and Attestation Report to be delivered
      by
      the Servicer pursuant to Sections 3.21 and 3.22 (including with respect to
      any
      Sub-Servicer or subcontractor, if required to be filed). Prior to (x) March
      31,
      20[__] and (y) unless and until a Form 15 Suspension Notice shall have been
      filed, March 31st of each year thereafter, the Trustee shall, subject to
      subsection (d) below, file a Form 10-K, in substance as required by applicable
      law or applicable Commission staff’s interpretations and conforming to industry
      standards, with respect to the Trust Fund. Such Form 10-K shall include the
      Assessment of Compliance, Attestation Report, Annual Compliance Statements
      and
      other documentation provided by the Servicer pursuant to Sections 3.20 and
      3.21
      (including with respect to any Sub-Servicer or subcontractor, if required to
      be
      filed) and with respect to the Trustee , and the Form 10-K certification in
      the
      form attached hereto as Exhibit H-1 (the “Certification”) signed by the senior
      officer of the Depositor in charge of securitization; provided that the Trustee
      shall have received no later than March 25th of each calendar year prior to
      the
      filing deadline for the Form 10-K all information, data and exhibits required
      to
      be provided or filed with such Form 10-K and required to be provided to the
      Trustee as described in clause (a)(iv) below. If they are not so timely
      delivered, the Trustee shall file an amended Form 10-K including such documents
      as exhibits reasonably promptly after they are delivered to the Trustee. The
      information required to be filed on Form 10-K is as set forth in Exhibit C.
      The
      Trustee shall not be responsible for determining what information is required
      to
      be filed on Form 10-K or for any filing that is not made on a timely basis
      in
      accordance with Regulation AB in the event that such information is not
      delivered to the Trustee on or prior to the fourth Business Day prior to the
      applicable filing deadline.

     

    (iv) As
      to
      each item of information required to be included in any Form 10-D, Form 8-K
      or
      Form 10-K, the Trustee ’s obligation to include the information in the
      applicable report is subject to receipt from the entity that is indicated in
      Exhibit B as the responsible party for providing that information, if other
      than
      the Trustee , as and when required as described above. The Depositor hereby
      agrees to notify and provide to the Trustee all information that is required
      to
      be included in any Form 10-D, Form 8-K or Form 10-K, with respect to which
      that
      entity is indicated in Exhibit B as the responsible party for providing that
      information. The Servicer shall be responsible for determining the pool
      concentration applicable to any Sub-Servicer at any time, for purposes of
      disclosure as required by Items 1117 and 1119 of Regulation AB. The Depositor
      shall be responsible for determining the pool concentration applicable to any
      originator at any time, for purposes of disclosure as required by Items 1117
      and
      1119 of Regulation AB. In addition, in the event that affiliations among the
      parties to this transaction, other than as disclosed in the Prospectus
      Supplement under the heading “AFFILIATIONS AND RELATED TRANSACTIONS”, are
      required to be reported on Form 10-K, the Depositor shall notify the Trustee
      of
      such requirement by no later than March 1st of each year in which a Form 10-K
      is
      filed. 

     

    (b)  In
      addition, (x) the Trustee shall sign a certification (in the form attached
      hereto as Exhibit H-2) for the benefit of the Depositor and its officers,
      directors and Affiliates regarding certain aspects of the Certification (the
      “Trustee Certification”); provided, however, that the Trustee shall not
      undertake an analysis of the Attestation Report attached as an exhibit to the
      Form 10-K, and (y) the Servicer shall sign a certification (in the related
      form
      attached hereto as Exhibit H-3) for the benefit of the Depositor, the Trustee
      and their officers, directors and Affiliates regarding certain aspects of the
      Certification (the “Servicer Certification”). The Servicer Certification shall
      be delivered to the Depositor and the Trustee no later than March 15th or if
      such day is not a Business Day, the preceding Business Day, each year (subject
      to Section 4.07(a)).

     

    In
      addition, (A) the Trustee shall indemnify and hold harmless the Depositor and
      its officers, directors and Affiliates from and against any actual losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of third
      party
      claims based upon (i) a breach of the Trustee ’s obligations under this Section
      4.07 or (ii) any material misstatement or omission contained in the Trustee
      Certification, the Annual Statement of Compliance delivered by the Trustee
      pursuant to Section 3.20 or the Assessment of Compliance delivered by the
      Trustee pursuant to Section 3.21 and (B) the Servicer shall indemnify and hold
      harmless the Depositor, the Trustee and their respective officers, directors
      and
      Affiliates from and against any actual losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person may sustain arising out of third
      party claims based upon (i) a breach of such Servicer’s obligations under this
      Section 4.07, (ii) any material misstatement or omission contained in the
      Servicer’s Certification, the Annual Statement of Compliance provided by the
      Servicer pursuant to Section 3.20, the Assessment of Compliance provided by
      the
      Servicer pursuant to Section 3.21 or (iii) any information correctly derived
      by
      the Trustee and included in a Form 10-D or Form 10-K from information provided
      to the Trustee by the Servicer under this Agreement. If the indemnification
      provided for herein is unavailable or insufficient to hold harmless the
      Depositor, then (i) the Trustee agrees that it shall contribute to the amount
      paid or payable by the Depositor as a result of the losses, claims, damages
      or
      liabilities of the Depositor in such proportion as is appropriate to reflect
      the
      relative fault of the Depositor on the one hand and the Trustee on the other
      and
      (ii) the Servicer agrees that it shall contribute to the amount paid or payable
      by the Depositor as a result of the losses, claims, damages or liabilities
      of
      the Depositor in such proportion as is appropriate to reflect the relative
      fault
      of the Depositor on the one hand and the Servicer on the other. Notwithstanding
      the foregoing, in no event shall the Trustee be liable for any consequential,
      indirect or punitive damages

     

    
      	SECTION
              3.29.  	
              Advance
                Facility.

            

    

     

    (a)  The
      Servicer is hereby authorized to enter into a financing or other facility (any
      such arrangement, an “Advance Facility”), the documentation for which complies
      with Section 3.28(e) below, under which (1) the Servicer assigns or pledges
      its
      rights under this Agreement to be reimbursed for any or all Advances and/or
      Servicing Advances to (i) a Person, which may be a special-purpose
      bankruptcy-remote entity (an “SPV”), (ii) a Person, which may simultaneously
      assign or pledge such rights to an SPV or (iii) a lender (a “Lender”), which, in
      the case of any Person or SPV of the type described in either of the preceding
      clauses (i) or (ii), may directly or through other assignees and/or pledgees,
      assign or pledge such rights to a Person, which may include a trustee acting
      on
      behalf of holders of debt instruments (any such Person or any such Lender,
      an
“Advance Financing Person”), and/or (2) an Advance Financing Person agrees to
      fund all the Advances and/or Servicing Advances required to be made by the
      Servicer pursuant to this Agreement. No consent of the Trustee,
      Certificateholders or any other party shall be required before the Servicer
      may
      enter into an Advance Facility nor shall the Trustee or the Certificateholders
      be a third party beneficiary of any obligation of an Advance Financing Person
      to
      the Servicer. Notwithstanding the existence of any Advance Facility under which
      an Advance Financing Person agrees to fund Advances and/or Servicing Advances,
      (A) the Servicer (i) shall remain obligated pursuant to this Agreement to make
      Advances and/or Servicing Advances pursuant to and as required by this Agreement
      and (ii) shall not be relieved of such obligations by virtue of such Advance
      Facility and (B) neither the Advance Financing Person nor any Servicer’s
      Assignee (as hereinafter defined) shall have any right to proceed against or
      otherwise contact any Mortgagor for the purpose of collecting any payment that
      may be due with respect to any related Mortgage Loan or enforcing any covenant
      of such Mortgagor under the related Mortgage Loan documents.

     

    (b)  If
      the
      Servicer enters into an Advance Facility, the Servicer and the related Advance
      Financing Person shall deliver to the Trustee at the address set forth in
      Section 11.05 hereof a written notice (an “Advance Facility Notice”), stating
      (a) the identity of the Advance Financing Person and (b) the identity of the
      Person (the “Servicer’s Assignee”) that will, subject to Section 3.28(c) hereof,
      have the right to receive amounts available from the Collection Account pursuant
      to Section 3.11(a) hereof to reimburse previously unreimbursed Advances and/or
      Servicing Advances (“Advance Reimbursement Amounts”). Advance Reimbursement
      Amounts (i) shall consist solely of amounts in respect of Advances and/or
      Servicing Advances for which the Servicer would be permitted to reimburse itself
      in accordance with Section 3.11(a) hereof, assuming the Servicer had made the
      related Advance(s) and/or Servicing Advance(s) and (ii) shall not consist of
      amounts payable to a successor Servicer in accordance with Section 3.11(a)
      hereof to the extent permitted under Section 3.28(e) below.

     

    (c)  Notwithstanding
      the existence of an Advance Facility, the Servicer, on behalf of the Advance
      Financing Person, shall be entitled to receive reimbursements of Advances and/or
      Servicing Advances in accordance with Section 3.11(a) hereof, which entitlement
      may be terminated by the Advance Financing Person pursuant to a written notice
      to the Trustee in the manner set forth in Section 11.05 hereof. Upon receipt
      of
      such written notice, the Servicer shall no longer be entitled to receive
      reimbursement for any Advance Reimbursement Amounts and the Servicer’s Assignee
      shall immediately have the right to receive from the Collection Account all
      Advance Reimbursement Amounts. Notwithstanding the foregoing, an Advance
      Financing Person shall only be entitled to reimbursement of Advance
      Reimbursement Amounts hereunder pursuant to Section 3.11(a) of this Agreement
      and shall not otherwise be entitled to receive amounts designated for
      distribution to Certificateholders. None of the Trustee or the
      Certificateholders shall have any right to, or otherwise be entitled to, receive
      any amounts which constitute Advance Reimbursement Amounts. An Advance Facility
      may be terminated by the joint written direction of the Servicer and the related
      Advance Financing Person. Written notice of such termination shall be delivered
      to the Trustee in the manner set forth in Section 11.05 hereof. None of the
      Depositor or the Trustee shall, as a result of the existence of any Advance
      Facility, have any additional duty or liability with respect to the calculation
      or payment of any Advance Reimbursement Amount, nor, as a result of the
      existence of any Advance Facility, shall the Depositor or the Trustee have
      any
      additional responsibility to track or monitor the administration of the Advance
      Facility or the payment of Advance Reimbursement Amounts to the Servicer’s
      Assignee. The Servicer shall indemnify the Depositor, the Trustee, any successor
      Servicer and the Trust Fund resulting from any claim by the related Advance
      Financing Person. The Servicer shall maintain and provide to any successor
      Servicer and, upon request, the Trustee a detailed accounting on a loan-by-loan
      basis as to amounts advanced by, pledged or assigned to, and reimbursed to
      any
      Advance Financing Person. The successor Servicer shall be entitled to rely
      on
      any such information provided by the predecessor Servicer, and the successor
      Servicer shall not be liable for any errors in such information.

     

    (d)  [Reserved].

     

    (e)  As
      between a predecessor Servicer and its Advance Financing Person, on the one
      hand, and a successor Servicer and its Advance Financing Person, if any, on
      the
      other hand, Advance Reimbursement Amounts on a loan-by-loan basis with respect
      to each Mortgage Loan as to which an Advance and/or Servicing Advance shall
      have
      been made and be outstanding shall be allocated on a “first-in, first out”
basis. In the event the Servicer’s Assignee shall have received some or all of
      an Advance Reimbursement Amount related to Advances and/or Servicing Advances
      that were made by a Person other than such predecessor Servicer or its related
      Advance Financing Person in error, then such Servicer’s Assignee shall be
      required to remit any portion of such Advance Reimbursement Amount to each
      Person entitled to such portion of such Advance Reimbursement Amount. Without
      limiting the generality of the foregoing, the Servicer shall remain entitled
      to
      be reimbursed by the Advance Financing Person for all Advances and/or Servicing
      Advances funded by the Servicer to the extent the related Advance Reimbursement
      Amounts have not been assigned or pledged to such Advance Financing Person
      or
      Servicer’s Assignee.

     

    (f)  For
      purposes of any Officer’s Certificate of the Servicer made pursuant to Section
      4.03(d), any Nonrecoverable Advance or Nonrecoverable Servicing Advance referred
      to therein may have been made by such Servicer or any predecessor Servicer.
      In
      making its determination that any Advance or Servicing Advance theretofore
      made
      has become a Nonrecoverable Advance or Nonrecoverable Servicing Advance, as
      applicable, the Servicer shall apply the same criteria in making such
      determination regardless of whether such Advance or Servicing Advance shall
      have
      been made by the Servicer or any predecessor Servicer.

     

    (g)  Any
      amendment to this Section 3.28 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.28, may be entered into by the Trustee,
      the Depositor and the Servicer without the consent of any Certificateholder,
      provided such amendment complies with Section 11.01 hereof. All reasonable
      costs
      and expenses (including attorneys’ fees) of each party hereto of any such
      amendment shall be borne solely by the Servicer without reimbursement from
      the
      Trust Fund. The parties hereto hereby acknowledge and agree that: (a) the
      Advances and/or Servicing Advances financed by and/or pledged to an Advance
      Financing Person under any Advance Facility are obligations owed to the Servicer
      payable only from the cash flows and proceeds received under this Agreement
      for
      reimbursement of Advances and/or Servicing Advances only to the extent provided
      herein, and the Trustee and the Trust are not, as a result of the existence
      of
      any Advance Facility, obligated or liable to repay any Advances and/or Servicing
      Advances financed by the Advance Financing Person; (b) the Servicer will be
      responsible for remitting to the Advance Financing Person the applicable amounts
      collected by it as reimbursement for Advances and/or Servicing Advances funded
      by the Advance Financing Person, subject to the provisions of this Agreement;
      and (c) the Trustee shall not have any responsibility to track or monitor the
      administration of the financing arrangement between the Servicer and any Advance
      Financing Person.

     

    

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	SECTION
              4.01.  	
              Distributions.

            

    

     

    (a)(1) On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular
      Interests or withdrawn from the Distribution Account and distributed to the
      holders of the Class R-I Interest, as the case may be:

     

    (i)  first,
      to
      Holders of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTA,
      REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I
      Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular
      Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, in an amount equal to
      (A)
      the Uncertificated Interest for such Distribution Date, plus (B) any amounts
      in
      respect thereof remaining unpaid from previous Distribution Dates. Amounts
      payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LTZZ
      shall be reduced when the sum of the REMIC I Overcollateralized Amount is less
      than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the
      amount of such difference and (y) the Maximum I-LTZZ Uncertificated Interest
      Deferral Amount and such amounts will be payable to the Holders of REMIC I
      Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular
      Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest
      I-LTM4 and REMIC I Regular Interest I-LTM5 in the same proportion as the
      Overcollateralization Increase Amount is allocated to the Corresponding
      Certificates;

     

    (ii)  second,
      to the Holders of REMIC I Regular Interests, in an amount equal to the remainder
      of the Available Distribution Amount for such Distribution Date after the
      distributions made pursuant to clause (i) above, allocated as
      follows:

     

    (a)  to
      the
      Holders of REMIC I Regular Interest I-LTAA, 98.00% of such remainder (less
      the
      amount payable in clause (d) below), until the Uncertificated Balance of such
      REMIC I Regular Interest is reduced to zero;

     

    (b)  to
      the
      Holders of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1,
      REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I
      Regular Interest I-LTM4 and REMIC I Regular Interest I-LTM5, 1.00% of such
      remainder (less the amount payable in clause (d) below), in the same proportion
      as principal payments are allocated to the Corresponding Certificates, until
      the
      Uncertificated Balances of such REMIC I Regular Interests are reduced to
      zero;

     

    (c)  to
      the
      Holders of REMIC I Regular Interest I-LTZZ, 1.00% of such remainder (less the
      amount payable in clause (d) below), until the Uncertificated Balance of such
      REMIC I Regular Interest is reduced to zero; then

     

    (d)  to
      the
      Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately
      following the expiration of the latest Prepayment Charge as identified on the
      Prepayment Charge Schedule or any Distribution Date thereafter until $100 has
      been distributed pursuant to this clause; and

     

    (e)  any
      remaining amount to the Holders of the Class R Certificates (as Holder of the
      Class R-I Interest);

     

    provided,
      however, that 98.00% and 2.00% of any principal payments that are attributable
      to an Overcollateralization Reduction Amount shall be allocated to Holders
      of
      REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ,
      respectively.

     

    (2) On
      each
      Distribution Date, the Trustee shall withdraw from the Distribution Account
      an
      amount equal to the Interest Remittance Amount and distribute to the
      Certificateholders the following amounts, in the following order of
      priority:

     

    (i)  to
      the
      Holders of the Class A Certificates, an amount equal to the Senior Interest
      Distribution Amount allocable to the Class A Certificates;

     

    (ii)  to
      the
      Holders of the Class M-1 Certificates, an amount equal to the Interest
      Distribution Amount allocable to the Class M-1 Certificates;

     

    (iii)  to
      the
      Holders of the Class M-2 Certificates, an amount equal to the Interest
      Distribution Amount allocable to the Class M-2 Certificates;

     

    (iv)  to
      the
      Holders of the Class M-3 Certificates, an amount equal to the Interest
      Distribution Amount allocable to the Class M-3 Certificates;

     

    (v)  to
      the
      Holders of the Class M-4 Certificates, an amount equal to the Interest
      Distribution Amount allocable to the Class M-4 Certificates; and

     

    (vi)  to
      the
      Holders of the Class M-5 Certificates, an amount equal to the Interest
      Distribution Amount allocable to the Class M-5 Certificates.

     

    (3) On
      each
      Distribution Date, the Trustee shall withdraw from the Distribution Account
      an
      amount equal to the Principal Distribution Amount and distribute to the
      Certificateholders the following amounts, in the following order of
      priority:

     

    (A) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Principal Distribution Amount shall be distributed in the
      following order of priority;

     

    (i)  to
      the
      Holders of the Class A Certificates, until the Certificate Principal Balance
      of
      such Class has been reduced to zero;

     

    (ii)  to
      the
      Holders of the Class M-1 Certificates, until the Certificate Principal Balance
      of such Class has been reduced to zero;

     

    (iii)  to
      the
      Holders of the Class M-2 Certificates, until the Certificate Principal Balance
      of such Class has been reduced to zero;

     

    (iv)  to
      the
      Holders of the Class M-3 Certificates, until the Certificate Principal Balance
      of such Class has been reduced to zero;

     

    (v)  to
      the
      Holders of the Class M-4 Certificates, until the Certificate Principal Balance
      of such Class has been reduced to zero; and

     

    (vi)  to
      the
      Holders of the Class M-5 Certificates, until the Certificate Principal Balance
      of such Class has been reduced to zero.

     

    (B) On
      each
      Distribution
      Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is
      not
      in effect, the Principal Distribution Amount shall be distributed in the
      following order of priority;

     

    (i) the
      Class
      A Principal Distribution Amount shall be distributed to the Holders of the
      Class
      A Certificates, until the Certificate Principal Balance of such Class has been
      reduced to zero;

     

    (ii) the
      Class
      M-1 Principal Distribution Amount shall be distributed to the Holders of the
      Class M-1 Certificates, until the Certificate Principal Balance of such Class
      has been reduced to zero;

     

    (iii) the
      Class
      M-2 Principal Distribution Amount shall be distributed to the Holders of the
      Class M-2 Certificates, until the Certificate Principal Balance of such Class
      has been reduced to zero;

     

    (iv) the
      Class
      M-3 Principal Distribution Amount shall be distributed to the Holders of the
      Class M-3 Certificates, until the Certificate Principal Balance of such Class
      has been reduced to zero;

     

    (v) the
      Class
      M-4 Principal Distribution Amount shall be distributed to the Holders of the
      Class M-4 Certificates, until the Certificate Principal Balance of such Class
      has been reduced to zero; and

     

    (vi) the
      Class
      M-5 Principal Distribution Amount shall be distributed to the Holders of the
      Class M-5 Certificates, until the Certificate Principal Balance of such Class
      has been reduced to zero.

     

    (4) On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed by
      the
      Trustee as follows:

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, as part of the Principal Distribution
      Amount in an amount equal to the Overcollateralization Increase Amount for
      the
      Certificates, applied to reduce the Certificate Principal Balance of such
      Certificates until the aggregate Certificate Principal Balance of such
      Certificates is reduced to zero;

     

    (ii)  to
      the
      Holders of the Class M-1 Certificates, in an amount equal to the Interest Carry
      Forward Amount allocable to such Class of Certificates;

     

    (iii)  to
      the
      Holders of the Class M-2 Certificates, in an amount equal to the Interest Carry
      Forward Amount allocable to such Class of Certificates;

     

    (iv)  to
      the
      Holders of the Class M-3 Certificates, in an amount equal to the Interest Carry
      Forward Amount allocable to such Class of Certificates;

     

    (v)  to
      the
      Holders of the Class M-4 Certificates, in an amount equal to the Interest Carry
      Forward Amount allocable to such Class of Certificates;

     

    (vi)  to
      the
      Holders of the Class M-5 Certificates, in an amount equal to the Interest Carry
      Forward Amount allocable to such Class of Certificates;

     

    (vii)  to
      the
      Holders of the Class A Certificates, in an amount equal to the aggregate of
      any
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfall on the
      Mortgage Loans allocated to such Certificates;

     

    (viii)  to
      the
      Holders of the Class M-1 Certificates, in an amount equal to the aggregate
      of
      any Prepayment Interest Shortfalls and any Relief Act Interest Shortfall on
      the
      Mortgage Loans allocated to such Certificates;

     

    (ix)  to
      the
      Holders of the Class M-2 Certificates, in an amount equal to the aggregate
      of
      any Prepayment Interest Shortfalls and any Relief Act Interest Shortfall on
      the
      Mortgage Loans allocated to such Certificates;

     

    (x)  to
      the
      Holders of the Class M-3 Certificates, in an amount equal to the aggregate
      of
      any Prepayment Interest Shortfalls and any Relief Act Interest Shortfall on
      the
      Mortgage Loans allocated to such Certificates;

     

    (xi)  to
      the
      Holders of the Class M-4 Certificates, in an amount equal to the aggregate
      of
      any Prepayment Interest Shortfalls and any Relief Act Interest Shortfall on
      the
      Mortgage Loans allocated to such Certificates;

     

    (xii)  to
      the
      Holders of the Class M-5 Certificates, in an amount equal to the aggregate
      of
      any Prepayment Interest Shortfalls and any Relief Act Interest Shortfall on
      the
      Mortgage Loans allocated to such Certificates;

     

    (xiii)  to
      the
      Net WAC Rate Carryover Reserve Account, the amount required by Section
      3.27(b);

     

    (xiv)  to
      the
      Holders of the Class CE Certificates the Interest Distribution Amount and any
      remaining Overcollateralization Reduction Amount for such Distribution Date;
      and

     

    (xv)  to
      the
      Holders of the Class R Certificates, any remaining amounts; provided that if
      such Distribution Date is the Distribution Date immediately following the
      expiration of the latest Prepayment Charge term on a Mortgage Loan as identified
      on the Mortgage Loan Schedule or any Distribution Date thereafter, then any
      such
      remaining amounts will be distributed first, to the Holders of the Class P
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; and second, to the Holders of the Class R Certificates.

     

    On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount as set forth above, the Trustee will first,
      withdraw
      from the Net WAC Rate Carryover Reserve Account all income from the investment
      of funds in the Net WAC Rate Carryover Reserve Account and distribute such
      amount to the Class CE Certificates, and second,
      withdraw
      from the Net WAC Rate Carryover Reserve Account, to the extent of amounts
      remaining on deposit therein, the amount of any Net WAC Rate Carryover Amount
      with respect to the Class A Certificates and the Mezzanine Certificates for
      such
      Distribution Date and distribute such amount first,
      to the
      Class A Certificates; second,
      to the
      Class M-1 Certificates, third,
      to the
      Class M-2 Certificates, fourth,
      to the
      Class M-3 Certificates, fifth,
      to the
      Class M-4 Certificates and sixth,
      to the
      Class M-5 Certificates, in each case to the extent such Net WAC Carryover Amount
      is allocable to each such Class.

     

    With
      respect to any distributions to be made on the Class M-3 Certificates, the
      Class
      M-4 Certificates, the Class M-5 Certificates, the Class CE Certificates or
      the
      Class P Certificates pursuant to Section 4.01(a)(2), (3) or (4) such
      distributions will be made first, on the Class M-3 Interest, the Class M-4
      Interest, the Class M-5 Interest, the Class CE Interest or the Class P Interest,
      as applicable, and then, on the related Class of Certificates.

     

    (b)  On
      each
      Distribution Date, the Trustee shall withdraw any amounts then on deposit in
      the
      Distribution Account that represent Prepayment Charges collected by the Servicer
      in connection with the Principal Prepayment of any of the Mortgage Loans or
      any
      Servicer Prepayment Charge Payment Amount and shall distribute such amounts
      to
      the Holders of the Class P Interest. Such distributions shall not be applied
      to
      reduce the Certificate Principal Balance of the Class P Interest.

     

    (c)  All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Payments in respect of each Class of Certificates on each
      Distribution Date shall be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 4.01(e)
      or
      Section 9.01 respecting the final distribution on such Class), based on the
      aggregate Percentage Interest represented by their respective Certificates,
      and
      shall be made by wire transfer of immediately available funds to the account
      of
      any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Trustee in writing at least
      five Business Days prior to the Record Date immediately prior to such
      Distribution Date, or otherwise by check mailed by first class mail to the
      address of such Holder appearing in the Certificate Register. The final
      distribution on each Certificate shall be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      maintained for such purpose pursuant to Section 8.12 or such other location
      specified in the notice to Certificateholders of such final
      distribution.

     

    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the Depositor
      or the Servicer shall have any responsibility therefor except as otherwise
      provided by this Agreement or applicable law.

     

    (d)  The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. None of the Holders of any Class of
      Certificates, the Trustee or the Servicer shall in any way be responsible or
      liable to the Holders of any other Class of Certificates in respect of amounts
      properly previously distributed on the Certificates.

     

    (e)  Except
      as
      otherwise provided in Section 9.01, whenever the Trustee expects that the final
      distribution with respect to any Class of Certificates will be made on the
      next
      Distribution Date, the Trustee shall, no later than three (3) days before the
      related Distribution Date (to the extent that an accurate Remittance Report
      is
      received in a timely manner by the Trustee), mail to each Holder on such date
      of
      such Class of Certificates a notice to the effect that:

     

    (i)  the
      Trustee expects that the final distribution with respect to such Class of
      Certificates will be made on such Distribution Date but only upon presentation
      and surrender of such Certificates at the office of the Trustee therein
      specified, and

     

    (ii)  no
      interest shall accrue on such Certificates from and after the end of the related
      Interest Accrual Period.

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Trustee and credited to the account of the appropriate non-tendering Holder
      or
      Holders. If any Certificates as to which notice has been given pursuant to
      this
      Section 4.01(e) shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Trustee shall mail a second
      notice to the remaining non-tendering Certificateholders to surrender their
      Certificates for cancellation in order to receive the final distribution with
      respect thereto. If within one year after the second notice all such
      Certificates shall not have been surrendered for cancellation, the Trustee
      shall, directly or through an agent, mail a final notice to the remaining
      non-tendering Certificateholders concerning surrender of their Certificates
      but
      shall continue to hold any remaining funds for the benefit of non-tendering
      Certificateholders. The costs and expenses of maintaining the funds in trust
      and
      of contacting such Certificateholders shall be paid out of the assets held
      in
      trust for such Certificateholders. If within one year after the final notice
      any
      such Certificates shall not have been surrendered for cancellation, the Trustee
      shall pay to [Name of Underwriter], in accordance with its wiring instructions,
      all such amounts, and all rights of non-tendering Certificateholders in or
      to
      such amounts shall thereupon cease. No interest shall accrue or be payable
      to
      any Certificateholder on any amount held in trust by the Trustee as a result
      of
      such Certificateholder’s failure to surrender its Certificate(s) for final
      payment thereof in accordance with this Section 4.01(e). Any such amounts held
      in trust by the Trustee shall be held in an Eligible Account and shall be held
      uninvested.

     

    (f)  Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
      than
      once in respect of any particular amount allocated to such Certificate in
      respect of Realized Losses pursuant to Section 4.04 and (ii) in no event shall
      the Uncertificated Balance of a REMIC I Regular Interest be reduced more than
      once in respect of any particular amount both (a) allocated to such REMIC I
      Regular Interest in respect of Realized Losses pursuant to Section 4.04 and
      (b)
      distributed on such REMIC I Regular Interest in reduction of the Uncertificated
      Balance thereof pursuant to this Section 4.01.

     

    
      	SECTION
              4.02.  	
              Statements
                to Certificateholders.

            

    

     

    the
      amount of the distribution made on such Distribution Date to the Holders of
      Certificates of each such Class allocable to principal and the amount of the
      distribution made on such Distribution Date to the Holders of the Class P
      Certificates allocable to Prepayment Charges and the Certificate Principal
      Balances of the Regular Certificates before and after any distributions of
      principal;

     

    
      	i.  	
              the
                amount of the distribution made on such Distribution Date to the
                Holders
                of Certificates of each such Class allocable to
                interest;

            

    

     

    
      	ii.  	
              the
                aggregate amount of servicing compensation received by the Servicer
                during
                the related Due Period and such other customary information as the
                Trustee
                deems necessary or desirable, or which a Certificateholder reasonably
                requests, to enable Certificateholders to prepare their tax
                returns;

            

    

     

    
      	iii.  	
              the
                aggregate amount of P&I Advances for such Distribution
                Date;

            

    

     

    
      	iv.  	
              the
                aggregate Stated Principal Balance of the Mortgage Loans and any
                REO
                Properties at the close of business on such Distribution
                Date;

            

    

     

    
      	v.  	
              the
                number, aggregate principal balance, weighted average remaining term
                to
                maturity and weighted average Mortgage Rate of the Mortgage Loans
                as of
                the related Due Date;

            

    

     

    
      	vi.  	
              the
                number and aggregate unpaid principal balance of Mortgage Loans in
                respect
                of which (1) one Monthly Payment is Delinquent, (2) two Monthly Payments
                are Delinquent, (3) three Monthly Payments are Delinquent and (4)
                foreclosure proceedings have begun;

            

    

     

    
      	vii.  	
              with
                respect to any Mortgage Loan that became an REO Property during the
                preceding calendar month, the loan number of such Mortgage Loan,
                the
                unpaid principal balance and the Stated Principal Balance of such
                Mortgage
                Loan as of the date it became an REO
                Property;

            

    

     

    
      	viii.  	
              the
                book value and the Stated Principal Balance of any REO Property as
                of the
                close of business on the last Business Day of the calendar month
                preceding
                the Distribution Date;

            

    

     

    
      	ix.  	
              the
                aggregate amount of Principal Prepayments made during the related
                Prepayment Period;

            

    

     

    
      	x.  	
              the
                aggregate amount of Realized Losses incurred during the related Prepayment
                Period (or, in the case of Bankruptcy Losses allocable to interest,
                during
                the related Due Period), separately identifying whether such Realized
                Losses constituted Bankruptcy
                Losses;

            

    

     

    
      	xi.  	
              the
                aggregate amount of Extraordinary Trust Fund Expenses withdrawn from
                the
                Collection Account or the Distribution Account for such Distribution
                Date;

            

    

     

    
      	xii.  	
              the
                aggregate Certificate Principal Balance of each such Class of
                Certificates, after giving effect to the distributions, and allocations
                of
                Realized Losses and Extraordinary Trust Fund Expenses, made on such
                Distribution Date, separately identifying any reduction thereof due
                to
                allocations of Realized Losses and Extraordinary Trust Fund
                Expenses;

            

    

     

    
      	xiii.  	
              the
                Certificate Factor for each such Class of Certificates applicable
                to such
                Distribution Date;

            

    

     

    
      	xiv.  	
              the
                Interest Distribution Amount in respect of each such Class of Certificates
                for such Distribution Date (separately identifying any reductions
                in the
                case of Subordinate Certificates resulting from the allocation of
                Realized
                Losses allocable to interest and Extraordinary Trust Fund Expenses
                on such
                Distribution Date) and the respective portions thereof, if any, remaining
                unpaid following the distributions made in respect of such Certificates
                on
                such Distribution Date;

            

    

     

    
      	xv.  	
              the
                aggregate amount of any Prepayment Interest Shortfalls for such
                Distribution Date, to the extent not covered by payments by the Servicer
                pursuant to Section 3.24;

            

    

     

    
      	xvi.  	
              the
                aggregate amount of Relief Act Interest Shortfalls for such Distribution
                Date;

            

    

     

    
      	xvii.  	
              [(a)
                the Delinquency Percentage, the numerator and the denominator used
                to
                calculate the Delinquency Percentage and whether the Delinquency
                Percentage exceeds the level set forth in clause (a) of the definition
                of
                Trigger Event, (b) the Cumulative Realized Loss Percentage, the numerator
                and the denominator used to calculate the Cumulative Realized Loss
                Percentage and whether the Cumulative Realized Loss Percentage exceeds
                the
                level set forth in clause (b) of the definition of Trigger
                Event];

            

    

     

    
      	xviii.  	
              the
                total cashflows received and the general sources
                thereof;

            

    

     

    
      	xix.  	
              with
                respect to any Mortgage Loan as to which foreclosure proceedings
                have been
                concluded, the loan number and unpaid principal balance of such Mortgage
                Loan as of the date of such conclusion of foreclosure
                proceedings;

            

    

     

    
      	xx.  	
              with
                respect to Mortgage Loans as to which a Final Liquidation has occurred,
                the number of Mortgage Loans, the unpaid principal balance of such
                Mortgage Loans as of the date of such Final Liquidation and the amount
                of
                proceeds (including Liquidation Proceeds and Insurance Proceeds)
                collected
                in respect of such Mortgage Loans;

            

    

     

    
      	xxi.  	
              any
                Allocated Realized Loss Amount with respect to each Class of Certificates
                for such Distribution Date;

            

    

     

    
      	xxii.  	
              the
                amounts deposited into the Net WAC Rate Carryover Reserve Account
                for such
                Distribution Date, the amounts withdrawn from such account and distributed
                to each Class of Certificates, and the amounts remaining on deposit
                in
                such account after all deposits into and withdrawals from such account
                on
                such Distribution Date;

            

    

     

    
      	xxiii.  	
              the
                Net WAC Rate Carryover Amounts for each Class of Certificates, if
                any, for
                such Distribution Date and the amounts remaining unpaid after
                reimbursements therefor on such Distribution
                Date;

            

    

     

    
      	xxiv.  	
              if
                applicable, material modifications, extensions or waivers to Mortgage
                Loan
                terms, fees, penalties or payments during the preceding calendar
                month or
                that have become material over
                time;

            

    

     

    
      	xxv.  	
              the
                applicable Record Dates, Accrual Periods and Determination Dates
                for
                calculating distributions for such Distribution
                Date;

            

    

     

    
      	xxvi.  	
              the
                fees and expenses accrued and paid on such Distribution Date and
                to whom
                such fees and expenses were paid;

            

    

     

    
      	xxvii.  	
              material
                breaches of representations and warranties regarding the Mortgage
                Loans.

            

    

     

    The
      Trustee shall make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the Servicer and the Rating Agencies via the Trustee’s
      internet website. The Trustee’s internet website shall initially be located at
      https://www.corporatetrust.db.com/invr and assistance in using the website
      can
      be obtained by calling the Trustee’s customer service desk at 1-800-735-7777.
      Parties that are unable to use the above distribution options are entitled
      to
      have a paper copy mailed to them via first class mail by calling the customer
      service desk and indicating such. The Trustee shall have the right to change
      the
      way such statements are distributed in order to make such distribution more
      convenient and/or more accessible to the above parties and the Trustee shall
      provide timely and adequate notification to all above parties regarding any
      such
      changes.

     

    In
      the
      case of information furnished pursuant to subclauses (i) through (iii) above,
      the amounts shall be expressed as a dollar amount per Single Certificate of
      the
      relevant Class.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      furnish to each Person who at any time during the calendar year was a Holder
      of
      a Regular Certificate a statement containing the information set forth in
      subclauses (i) through (iii) above, aggregated for such calendar year or
      applicable portion thereof during which such person was a Certificateholder.
      Such obligation of the Trustee shall be deemed to have been satisfied to the
      extent that substantially comparable information shall be provided by the
      Trustee pursuant to any requirements of the Code as from time to time are in
      force.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      furnish to each Person who at any time during the calendar year was a Holder
      of
      a Residual Certificate a statement setting forth the amount, if any, actually
      distributed with respect to the Residual Certificates, as appropriate,
      aggregated for such calendar year or applicable portion thereof during which
      such Person was a Certificateholder.

     

    The
      Trustee shall, upon request, furnish to each Certificateholder, during the
      term
      of this Agreement, such periodic, special, or other reports or information,
      whether or not provided for herein, as shall be reasonable with respect to
      the
      Certificateholder, or otherwise with respect to the purposes of this Agreement,
      all such reports or information to be provided at the expense of the
      Certificateholder in accordance with such reasonable and explicit instructions
      and directions as the Certificateholder may provide. For purposes of this
      Section 4.02, the Trustee’s duties are limited to the extent that the Trustee
      receives timely reports as required from the Servicer.

     

    On
      each
      Distribution Date the Trustee shall provide Bloomberg Financial Markets, L.
      P.
      (“ Bloomberg”) CUSIP level factors for each class of Certificates as of such
      Distribution Date, using a format and media mutually acceptable to the Trustee
      and Bloomberg.

     

    
      	SECTION
              4.03.  	
              Remittance
                Reports; Advances.

            

    

     

    (a)  On
      the
      Business Day following each Determination Date, the Servicer shall deliver
      to
      the Trustee by telecopy (or by such other means as the Servicer and the Trustee
      may agree from time to time) a Remittance Report with respect to the related
      Distribution Date. On the same date, the Servicer shall forward to the Trustee
      by overnight mail a computer readable magnetic tape or electronically transmit
      (in a format acceptable to the Trustee) on the day thereafter, a data file
      containing the information set forth in such Remittance Report with respect
      to
      the related Distribution Date. Such Remittance Report will include (i) the
      amount of Advances to be made by the Servicer in respect of the related
      Distribution Date, the aggregate amount of Advances outstanding after giving
      effect to such Advances, and the aggregate amount of Nonrecoverable Advances
      in
      respect of such Distribution Date and (ii) such other information with respect
      to the Mortgage Loans as the Trustee may reasonably require to perform the
      calculations necessary to make the distributions contemplated by Section 4.01
      and to prepare the statements to Certificateholders contemplated by Section
      4.02. The Trustee shall not be responsible to recompute, recalculate or verify
      any information provided to it by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.03(d), (i) the aggregate amount of Monthly Payments
      (net of the related Servicing Fee), due during the related Collection Period
      in
      respect of the Mortgage Loans, which Monthly Payments were delinquent on a
      contractual basis as of the close of business on the related Determination
      Date
      and (ii) with respect to each REO Property, which REO Property was acquired
      during or prior to the related Prepayment Period and as to which such REO
      Property an REO Disposition did not occur during the related Prepayment Period,
      an amount equal to the excess, if any, of only the interest portion of the
      Monthly Payments (net of the related Servicing Fee) that would have been due
      on
      the related Due Date in respect of the related Mortgage Loans, over the net
      income from such REO Property deposited in the Collection Account pursuant
      to
      Section 3.23 for distribution on such Distribution Date. For purposes of the
      preceding sentence, the Monthly Payment on each Balloon Mortgage Loan with
      a
      delinquent Balloon Payment is equal to the assumed monthly payment that would
      have been due on the related Due Date based on the original principal
      amortization schedule for such Balloon Mortgage Loan.

     

    By
      3:00
      p.m. New York time on the Servicer Remittance Date, the Servicer shall remit
      in
      immediately available funds to the Trustee for deposit in the Distribution
      Account an amount equal to the aggregate amount of Advances, if any, to be
      made
      in respect of the Mortgage Loans for the related Distribution Date either (i)
      from its own funds or (ii) from the Collection Account, to the extent of funds
      held therein for future distribution (in which case it will cause to be made
      an
      appropriate entry in the records of the Collection Account that amounts held
      for
      future distribution have been, as permitted by this Section 4.03, used by the
      Servicer in discharge of any such Advance) or (iii) in the form of any
      combination of (i) and (ii) aggregating the total amount of Advances to be
      made
      by the Servicer with respect to the Mortgage Loans. Any amounts held for future
      distribution and so used shall be appropriately reflected in the Servicer’s
      records and replaced by the Servicer by deposit in the Collection Account on
      or
      before any future Servicer Remittance Date to the extent that the Available
      Distribution Amount for the related Distribution Date (determined without regard
      to Advances to be made on the Servicer Remittance Date) shall be less than
      the
      total amount that would be distributed to the Classes of Certificateholders
      pursuant to Section 4.01 on such Distribution Date if such amounts held for
      future distributions had not been so used to make Advances. The Trustee will
      provide notice to the Servicer by telecopy by the close of business on the
      Business Day prior to the Distribution Date in the event that the amount
      remitted by the Servicer to the Trustee on such date is less than the Advances
      required to be made by the Servicer for the related Distribution
      Date.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan or REO Property, shall continue until a Final
      Recovery Determination in connection therewith or the removal thereof from
      the
      Trust Fund pursuant to any applicable provision of this Agreement, except as
      otherwise provided in this Section.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance or Nonrecoverable
      Servicing Advance, respectively. The determination by the Servicer that it
      has
      made a Nonrecoverable Advance or a Nonrecoverable Servicing Advance or that
      any
      proposed Advance or Servicing Advance, if made, would constitute a
      Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively, shall
      be evidenced by a certification of a Servicing Officer delivered to the
      Depositor and the Trustee.

     

    
      	SECTION
              4.04.  	
              Allocation
                of Realized Losses.

            

    

     

    (a)  Prior
      to
      each Determination Date, the Servicer shall determine as to each Mortgage Loan
      and REO Property: (i) the total amount of Realized Losses, if any, incurred
      in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; (ii) whether and the extent to which such Realized Losses
      constituted Bankruptcy Losses; and (iii) the respective portions of such
      Realized Losses allocable to interest and allocable to principal. Prior to
      each
      Determination Date, the Servicer shall also determine as to each Mortgage Loan:
      (i) the total amount of Realized Losses, if any, incurred in connection with
      any
      Deficient Valuations made during the related Prepayment Period; and (ii) the
      total amount of Realized Losses, if any, incurred in connection with Debt
      Service Reductions in respect of Monthly Payments due during the related Due
      Period. The information described in the two preceding sentences that is to
      be
      supplied by the Servicer shall be evidenced by an Officers’ Certificate
      delivered to the Trustee by the Servicer prior to the Determination Date
      immediately following the end of (i) in the case of Bankruptcy Losses allocable
      to interest, the Due Period during which any such Realized Loss was incurred,
      and (ii) in the case of all other Realized Losses, the Prepayment Period during
      which any such Realized Loss was incurred.

     

    (b)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date as follows: first, to the Accrued Certificate Interest for
      the
      Class CE Certificates for the related Interest Accrual Period; second, to the
      Class CE Interest, until the Certificate Principal Balance thereof has been
      reduced to zero; third, to the Class M-5 Interest until the Certificate
      Principal Balance thereof has been reduced to zero; fourth, to the Class M-4
      Interest, until the Certificate Principal Balance thereof has been reduced
      to
      zero; fifth, to the Class M-3 Interest, until the Certificate Principal Balance
      thereof has been reduced to zero; sixth, to the Class M-2 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero and seventh,
      to the Class M-1 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero.

     

    All
      Realized Losses to be allocated to the Certificate Principal Balances of all
      Classes on any Distribution Date shall be so allocated after the actual
      distributions to be made on such date as provided above. All references above
      to
      the Certificate Principal Balance of any Class of Certificates shall be to
      the
      Certificate Principal Balance of such Class immediately prior to the relevant
      Distribution Date, before reduction thereof by any Realized Losses, in each
      case
      to be allocated to such Class of Certificates, on such Distribution
      Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated and any allocation of Realized Losses to a Class CE Interest
      shall be made by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(a)(4)(xiv). No allocations of any Realized Losses
      shall
      be made to the Certificate Principal Balances of the Class A Certificates or
      the
      Class P Interest.

     

    As
      used
      herein, an allocation of a Realized Loss on a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a pro
      rata basis, among the various Classes so specified, to each such Class of
      Certificates on the basis of their then outstanding Certificate Principal
      Balances prior to giving effect to distributions to be made on such Distribution
      Date. All Realized Losses and all other losses allocated to a Class of
      Certificates hereunder will be allocated among the Certificates of such Class
      in
      proportion to the Percentage Interests evidenced thereby.

     

    (c)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date to the following REMIC I Regular Interests in the specified
      percentages, as follows: first, to Uncertificated Interest payable to the REMIC
      I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate
      amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%,
      respectively; second, to the Uncertificated Balances of the REMIC I Regular
      Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount
      equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively;
      third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC
      I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and
      1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM5 has been reduced to zero; fourth, to the Uncertificated Balances of
      REMIC
      I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular
      Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
      of REMIC I Regular Interest I-LTM4 has been reduced to zero; fifth to the
      Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM3 has been reduced to zero; sixth to the Uncertificated Balances of REMIC
      I
      Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular
      Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
      of REMIC I Regular Interest I-LTM2 has been reduced to zero; and seventh to
      the
      Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular
      Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC I Regular Interest
      I-LTM1 has been reduced to zero.

     

    
      	SECTION
              4.05.  	
              Compliance
                with Withholding Requirements.

            

    

     

    Notwithstanding
      any other provision of this Agreement, the Trustee shall comply with all federal
      withholding requirements respecting payments to Certificateholders of interest
      or original issue discount that the Trustee reasonably believes are applicable
      under the Code. The consent of Certificateholders shall not be required for
      such
      withholding. In the event the Trustee does withhold any amount from interest
      or
      original issue discount payments or advances thereof to any Certificateholder
      pursuant to federal withholding requirements, the Trustee shall indicate the
      amount withheld to such Certificateholders.

     

    
      	SECTION
              4.06.  	
              [Reserved]

            

    

     

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01.  	
              The
                Certificates.

            

    

     

    (a)  The
      Certificates in the aggregate will represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in REMIC
      I.

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-10. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

    Upon
      original issue, the Certificates shall be executed, authenticated and delivered
      by the Trustee to or upon the written order of the Depositor. The Certificates
      shall be executed by manual or facsimile signature on behalf of the Trustee
      by
      an authorized signatory. Certificates bearing the manual or facsimile signatures
      of individuals who were at any time the proper officers of the Trustee shall
      bind the Trustee notwithstanding that such individuals or any of them have
      ceased to hold such offices prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificates.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless there appears on such Certificate a certificate of
      authentication substantially in the form provided herein executed by the Trustee
      by manual signature, and such certificate of authentication shall be conclusive
      evidence, and the only evidence, that such Certificate has been duly
      authenticated and delivered hereunder. All Certificates shall be dated the
      date
      of their authentication.

     

    (b)  The
      Class
      A Certificates and the Mezzanine Certificates shall initially be issued as
      one
      or more Certificates held by the Book-Entry Custodian or, if appointed to hold
      such Certificates as provided below, the Depository and registered in the name
      of the Depository or its nominee and, except as provided below, registration
      of
      such Certificates may not be transferred by the Trustee except to another
      Depository that agrees to hold such Certificates for the respective Certificate
      Owners with Ownership Interests therein. The Certificate Owners shall hold
      their
      respective Ownership Interests in and to such Certificates through the
      book-entry facilities of the Depository and, except as provided below, shall
      not
      be entitled to definitive, fully registered Certificates (“Definitive
      Certificates”) in respect of such Ownership Interests. All transfers by
      Certificate Owners of their respective Ownership Interests in the Book-Entry
      Certificates shall be made in accordance with the procedures established by
      the
      Depository Participant or brokerage firm representing such Certificate Owner.
      Each Depository Participant shall only transfer the Ownership Interests in
      the
      Book-Entry Certificates of Certificate Owners it represents or of brokerage
      firms for which it acts as agent in accordance with the Depository’s normal
      procedures. The Trustee is hereby initially appointed as the Book-Entry
      Custodian and hereby agrees to act as such in accordance herewith and in
      accordance with the agreement that it has with the Depository authorizing it
      to
      act as such. The Book-Entry Custodian may, and, if it is no longer qualified
      to
      act as such, the Book-Entry Custodian shall, appoint, by a written instrument
      delivered to the Depositor, the Servicer, the Trustee and, if the Trustee is
      not
      the Book-Entry Custodian, the Trustee, any other transfer agent (including
      the
      Depository or any successor Depository) to act as Book-Entry Custodian under
      such conditions as the predecessor Book-Entry Custodian and the Depository
      or
      any successor Depository may prescribe, provided that the predecessor Book-Entry
      Custodian shall not be relieved of any of its duties or responsibilities by
      reason of any such appointment of other than the Depository. If the Trustee
      resigns or is removed in accordance with the terms hereof, the successor Trustee
      or, if it so elects, the Depository shall immediately succeed to its
      predecessor’s duties as Book-Entry Custodian. The Depositor shall have the right
      to inspect, and to obtain copies of, any Certificates held as Book-Entry
      Certificates by the Book-Entry Custodian.

     

    The
      Trustee, the Servicer and the Depositor may for all purposes (including the
      making of payments due on the Book-Entry Certificates) deal with the Depository
      as the authorized representative of the Certificate Owners with respect to
      the
      Book-Entry Certificates for the purposes of exercising the rights of
      Certificateholders hereunder. The rights of Certificate Owners with respect
      to
      the Book-Entry Certificates shall be limited to those established by law and
      agreements between such Certificate Owners and the Depository Participants
      and
      brokerage firms representing such Certificate Owners. Multiple requests and
      directions from, and votes of, the Depository as Holder of the Book-Entry
      Certificates with respect to any particular matter shall not be deemed
      inconsistent if they are made with respect to different Certificate Owners.
      The
      Trustee may establish a reasonable record date in connection with solicitations
      of consents from or voting by Certificateholders and shall give notice to the
      Depository of such record date.

     

    If
      (i)(A)
      the Depositor advises the Trustee in writing that the Depository is no longer
      willing or able to properly discharge its responsibilities as Depository, and
      (B) the Depositor is unable to locate a qualified successor, (ii) the Depositor
      at its option, and with the consent of the Trustee (such consent not to be
      unreasonably withheld), advises the Trustee in writing that it elects to
      terminate the book-entry system through the Depository or (iii) after the
      occurrence of a Servicer Event of Default, Certificate Owners representing
      in
      the aggregate not less than 51% of the Ownership Interests of the Book-Entry
      Certificates advise the Trustee through the Depository, in writing, that the
      continuation of a book-entry system through the Depository is no longer in
      the
      best interests of the Certificate Owners, the Trustee shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Trustee of the Book-Entry
      Certificates by the Book-Entry Custodian or the Depository, as applicable,
      accompanied by registration instructions from the Depository for registration
      of
      transfer, the Trustee shall cause the Definitive Certificates to be issued.
      Such
      Definitive Certificates will be issued in minimum denominations of $100,000,
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate in an amount less than $100,000 immediately prior to the issuance
      of
      a Definitive Certificate shall be issued in a minimum denomination equal to
      the
      amount represented by such Book-Entry Certificate. None of the Depositor, the
      Servicer or the Trustee shall be liable for any delay in the delivery of such
      instructions and may conclusively rely on, and shall be protected in relying
      on,
      such instructions. Upon the issuance of Definitive Certificates all references
      herein to obligations imposed upon or to be performed by the Depository shall
      be
      deemed to be imposed upon and performed by the Trustee, to the extent applicable
      with respect to such Definitive Certificates, and the Trustee shall recognize
      the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    
      	SECTION
              5.02.  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Trustee shall cause to be kept at one of the offices or agencies to be appointed
      by the Trustee in accordance with the provisions of Section 8.11, a Certificate
      Register for the Certificates in which, subject to such reasonable regulations
      as it may prescribe, the Trustee shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein
      provided.

     

    (b)  No
      transfer of any Class CE Certificate, Class P Certificate or Residual
      Certificate (the “Private Certificates”) shall be made unless that transfer is
      made pursuant to an effective registration statement under the Securities Act
      of
      1933, as amended (the “1933 Act”), and effective registration or qualification
      under applicable state securities laws, or is made in a transaction that does
      not require such registration or qualification. In the event that such a
      transfer of a Private Certificate is to be made without registration or
      qualification (other than in connection with the initial transfer of any such
      Certificate by the Depositor to an Affiliate of the Depositor), the Trustee
      shall require receipt of: (i) if such transfer is purportedly being made in
      reliance upon Rule 144A under the 1933 Act, written certifications from the
      Certificateholder desiring to effect the transfer and from such
      Certificateholder’s prospective transferee, substantially in the forms attached
      hereto as Exhibit F-1; and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      (which Opinion of Counsel shall not be an expense of the Trust Fund or of the
      Depositor, the Trustee, the Servicer in its capacity as such or any
      Sub-Servicer), together with copies of the written certification(s) of the
      Certificateholder desiring to effect the transfer and/or such
      Certificateholder’s prospective transferee upon which such Opinion of Counsel is
      based, if any. None of the Depositor or the Trustee is obligated to register
      or
      qualify any such Certificates under the 1933 Act or any other securities laws
      or
      to take any action not otherwise required under this Agreement to permit the
      transfer of such Certificates without registration or qualification. Any
      Certificateholder desiring to effect the transfer of any such Certificate shall,
      and does hereby agree to, indemnify the Trustee, the Depositor and the Servicer
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described in this Section
      5.02(b) will be required in connection with the transfer, on the Closing Date,
      of any Class R Certificate or Class R-X Certificate by the Depositor to an
      “[____] investor” within the meaning of Rule 501(d) of the 1933
      Act.

     

    (c)  No
      transfer of a Private Certificate or any interest therein shall be made to
      any
      Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly
      or indirectly, on behalf of any such Plan or any Person acquiring such
      Certificates with “Plan Assets” of a Plan within the meaning of the Department
      of Labor regulation promulgated at 29 C. F. R. § 2510.3-101 (“Plan Assets”)
      unless the Trustee is provided with an Opinion of Counsel on which the
      Depositor, the Trustee and the Servicer may rely, to the effect that the
      purchase of such Certificates is permissible under applicable law, will not
      constitute or result in any non-exempt prohibited transaction under ERISA or
      Section 4975 of the Code and will not subject the Depositor, the Servicer,
      the
      Trustee or the Trust Fund to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in this Agreement, which Opinion of Counsel shall not be an expense
      of the Depositor, the Servicer, the Trustee or the Trust Fund. Any prospective
      Transferee of such Certificates not providing the above Opinion of Counsel
      must
      provide a certification in the form of Exhibit G to this Agreement (or other
      form acceptable to the Depositor, the Trustee and the Servicer), which the
      Trustee may rely upon without further inquiry or investigation. Neither an
      Opinion of Counsel nor any certification will be required in connection with
      the
      initial transfer of any such Certificate by the Depositor to an Affiliate of
      the
      Depositor (in which case, the Depositor or any Affiliate thereof shall have
      deemed to have represented that such Affiliate is not a Plan or a Person
      investing Plan Assets) and the Trustee shall be entitled to conclusively rely
      upon a representation (which, upon the request of the Trustee, shall be a
      written representation) from the Depositor of the status of such transferee
      as
      an affiliate of the Depositor.

     

    Each
      beneficial owner of a Mezzanine Certificates or any interest therein shall
      be
      deemed to have represented, by virtue of its acquisition or holding of that
      certificate or interest therein, that either (i) it is not a Plan investor,
      (ii)
      it has acquired and is holding such Mezzanine Certificates in reliance on the
      Underwriters’ Exemption, and that it understands that there are certain
      conditions to the availability of the Underwriters’ Exemption, including that
      the Mezzanine Certificates must be rated, at the time of purchase, not lower
      than “BBB-” (or its equivalent) by Fitch Ratings, S&P or Moody’s or (iii)
      (1) it is an insurance company, (2) the source of funds used to acquire or
      hold
      the certificate or interest therein is an “insurance company general account,”
as such term is defined in PTCE 95-60, and (3) the conditions in Sections I
      and
      III of PTCE 95-60 have been satisfied.

     

    If
      any
      Private Certificate or Mezzanine Certificate or any interest therein is acquired
      or held in violation of the provisions of the two preceding paragraphs, the
      next
      preceding permitted beneficial owner will be treated as the beneficial owner
      of
      that Certificate retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of any such
      Certificate or interest therein was effected in violation of the provisions
      of
      the two preceding paragraphs shall indemnify and hold harmless the Depositor,
      the Servicer, the Trustee and the Trust Fund from and against any and all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    (d)  (i)
      Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      authorized the Trustee or its designee under clause (iii)(A) below to deliver
      payments to a Person other than such Person and to negotiate the terms of any
      mandatory sale under clause (iii)(B) below and to execute all instruments of
      Transfer and to do all other things necessary in connection with any such sale.
      The rights of each Person acquiring any Ownership Interest in a Residual
      Certificate are expressly subject to the following provisions:

     

    (A)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (B)  In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Trustee shall require delivery to it, and shall not register
      the Transfer of any Residual Certificate until its receipt of, an affidavit
      and
      agreement (a “Transfer Affidavit and Agreement,” in the form attached hereto as
      Exhibit F-2) from the proposed Transferee, in form and substance satisfactory
      to
      the Trustee, representing and warranting, among other things, that such
      Transferee is a Permitted Transferee, that it is not acquiring its Ownership
      Interest in the Residual Certificate that is the subject of the proposed
      Transfer as a nominee, trustee or agent for any Person that is not a Permitted
      Transferee, that for so long as it retains its Ownership Interest in a Residual
      Certificate, it will endeavor to remain a Permitted Transferee, and that it
      has
      reviewed the provisions of this Section 5.02(d) and agrees to be bound by
      them.

     

    (C)  Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if a Responsible Officer of the Trustee who is assigned
      to this transaction has actual knowledge that the proposed Transferee is not
      a
      Permitted Transferee, no Transfer of an Ownership Interest in a Residual
      Certificate to such proposed Transferee shall be effected.

     

    (D)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement in the form
      attached hereto as Exhibit F-2 from any other Person to whom such Person
      attempts to transfer its Ownership Interest in a Residual Certificate and (y)
      not to transfer its Ownership Interest unless it provides a Transferor Affidavit
      (in the form attached hereto as Exhibit F-2) to the Trustee stating that, among
      other things, it has no actual knowledge that such other Person is not a
      Permitted Transferee.

     

    (E)  Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the Trustee
      written notice that it is a “pass-through interest holder” within the meaning of
      temporary Treasury regulation Section 1.67-3T(a)(2)(i)(A) immediately upon
      acquiring an Ownership Interest in a Residual Certificate, if it is, or is
      holding an Ownership Interest in a Residual Certificate on behalf of, a
“pass-through interest holder.”

     

    (ii)  The
      Trustee will register the Transfer of any Residual Certificate only if it shall
      have received the Transfer Affidavit and Agreement and all of such other
      documents as shall have been reasonably required by the Trustee as a condition
      to such registration. In addition, no Transfer of a Residual Certificate shall
      be made unless the Trustee shall have received a representation letter from
      the
      Transferee of such Certificate to the effect that such Transferee is a Permitted
      Transferee.

     

    (iii)  (A)If
      any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 5.02(d), then the last preceding
      Permitted Transferee shall be restored, to the extent permitted by law, to
      all
      rights as holder thereof retroactive to the date of registration of such
      Transfer of such Residual Certificate. The Trustee shall be under no liability
      to any Person for any registration of Transfer of a Residual Certificate that
      is
      in fact not permitted by this Section 5.02(d) or for making any payments due
      on
      such Certificate to the holder thereof or for taking any other action with
      respect to such holder under the provisions of this Agreement.

     

    (B)  If
      any
      purported Transferee shall become a holder of a Residual Certificate in
      violation of the restrictions in this Section 5.02(d) and to the extent that
      the
      retroactive restoration of the rights of the holder of such Residual Certificate
      as described in clause (iii)(A) above shall be invalid, illegal or
      unenforceable, then the Trustee shall have the right, but not the obligation,
      without notice to the holder or any prior holder of such Residual Certificate,
      to sell such Residual Certificate to a purchaser selected by the Trustee on
      such
      terms as the Trustee may choose. Such purported Transferee shall promptly
      endorse and deliver each Residual Certificate in accordance with the
      instructions of the Trustee. Such purchaser may be the Trustee itself or any
      Affiliate of the Trustee. The proceeds of such sale, net of the commissions
      (which may include commissions payable to the Trustee or its Affiliates),
      expenses and taxes due, if any, will be remitted by the Trustee to such
      purported Transferee. The terms and conditions of any sale under this clause
      (iii)(B) shall be determined in the sole discretion of the Trustee, and the
      Trustee shall not be liable to any Person having an Ownership Interest in a
      Residual Certificate as a result of its exercise of such
      discretion.

     

    (iv)  The
      Trustee shall make available to the Internal Revenue Service and those Persons
      specified by the REMIC Provisions all information necessary to compute any
      tax
      imposed (A) as a result of the Transfer of an Ownership Interest in a Residual
      Certificate to any Person who is a Disqualified Organization, including the
      information described in Treasury regulations sections 1.860D-1(b)(5) and
      1.860E-2(a)(5) with respect to the “excess inclusions” of such Residual
      Certificate and (B) as a result of any regulated investment company, real estate
      investment trust, common trust fund, partnership, trust, estate
      or
      organization described in Section 1381 of the Code that holds an Ownership
      Interest in a Residual Certificate having as among its record holders at any
      time any Person which is a Disqualified Organization. Reasonable compensation
      for providing such information may be accepted by the Trustee.

     

    (v)  The
      provisions of this Section 5.02(d) set forth prior to this subsection (v) may
      be
      modified, added to or eliminated, provided that there shall have been delivered
      to the Trustee at the expense of the party seeking to modify, add to or
      eliminate any such provision the following:

     

    (A)  written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings of any Class of Certificates;
      and

     

    (B)  an
      Opinion of Counsel, in form and substance satisfactory to the Trustee, to the
      effect that such modification of, addition to or elimination of such provisions
      will not cause any Trust REMIC to cease to qualify as a REMIC and will not
      cause
      any Trust REMIC to be subject to an entity-level tax caused by the Transfer
      of
      any Residual Certificate to a Person that is not a Permitted Transferee or
      a
      Person other than the prospective transferee to be subject to a REMIC-tax caused
      by the Transfer of a Residual Certificate to a Person that is not a Permitted
      Transferee.

     

    (e)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Trustee maintained for such purpose
      pursuant to Section 8.12, the Trustee shall execute, authenticate and deliver,
      in the name of the designated Transferee or Transferees, one or more new
      Certificates of the same Class of a like aggregate Percentage
      Interest.

     

    (f)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Trustee maintained for such purpose
      pursuant to Section 8.12. Whenever any Certificates are so surrendered for
      exchange, the Trustee shall execute, authenticate and deliver, the Certificates
      which the Certificateholder making the exchange is entitled to receive. Every
      Certificate presented or surrendered for transfer or exchange shall (if so
      required by the Trustee) be duly endorsed by, or be accompanied by a written
      instrument of transfer in the form satisfactory to the Trustee duly executed
      by,
      the Holder thereof or his attorney duly authorized in writing.

     

    (g)  No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates, but the Trustee may require payment of a sum
      sufficient to cover any tax or governmental charge that may be imposed in
      connection with any transfer or exchange of Certificates.

     

    (h)  All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Trustee in accordance with its customary
      procedures.

     

    
      	SECTION
              5.03.  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate, and (ii) there is delivered to the Trustee such security or
      indemnity as may be required by it to save it harmless, then, in the absence
      of
      actual knowledge by the Trustee that such Certificate has been acquired by
      a
      bona fide purchaser, the Trustee shall execute, authenticate and deliver in
      exchange for or in lieu of any such mutilated, destroyed, lost or stolen
      Certificate, a new Certificate of the same Class and of like denomination and
      Percentage Interest. Upon the issuance of any new Certificate under this
      Section, the Trustee may require the payment of a sum sufficient to cover any
      tax or other governmental charge that may be imposed in relation thereto and
      any
      other expenses (including the fees and expenses of the Trustee) connected
      therewith. Any replacement Certificate issued pursuant to this Section shall
      constitute complete and indefeasible evidence of ownership in the applicable
      REMIC created hereunder, as if originally issued, whether or not the lost,
      stolen or destroyed Certificate shall be found at any time.

     

    
      	SECTION
              5.04.  	
              Persons
                Deemed Owners.

            

    

     

    The
      Depositor, the Servicer, the Trustee and any agent of any of them may treat
      the
      Person in whose name any Certificate is registered as the owner of such
      Certificate for the purpose of receiving distributions pursuant to Section
      4.01
      and for all other purposes whatsoever, and none of the Depositor, the Servicer,
      the Trustee or any agent of any of them shall be affected by notice to the
      contrary.

     

    
      	SECTION
              5.05.  	
              Certain
                Available Information.

            

    

     

    On
      or
      prior to the date of the first sale of any Private Certificate to an Independent
      third party, the Depositor shall provide to the Trustee ten copies of any
      private placement memorandum or other disclosure document used by the Depositor
      in connection with the offer and sale of such Certificates. In addition, if
      any
      such private placement memorandum or disclosure document is revised, amended
      or
      supplemented at any time following the delivery thereof to the Trustee, the
      Depositor promptly shall inform the Trustee of such event and shall deliver
      to
      the Trustee ten copies of the private placement memorandum or disclosure
      document, as revised, amended or supplemented. The Trustee shall maintain at
      its
      Corporate Trust Office and shall make available free of charge during normal
      business hours for review by any Holder of a Certificate or any Person
      identified to the Trustee as a prospective transferee of a Certificate,
      originals or copies of the following items: (i) in the case of a Holder or
      prospective transferee of a Private Certificate, the related private placement
      memorandum or other disclosure document relating to such Class of Certificates,
      in the form most recently provided to the Trustee; and (ii) in all cases, (A)
      this Agreement and any amendments hereof entered into pursuant to Section 11.01,
      (B) all monthly statements required to be delivered to Certificateholders of
      the
      relevant Class pursuant to Section 4.02 since the Closing Date, and all other
      notices, reports, statements and written communications delivered to the
      Certificateholders of the relevant Class pursuant to this Agreement since the
      Closing Date, (C) all certifications delivered by a Responsible Officer of
      the
      Trustee since the Closing Date pursuant to Section 10.01(h), (D) any and all
      Officers’ Certificates delivered to the Trustee by the Servicer since the
      Closing Date to evidence the Servicer’s determination that any Advance or
      Servicing Advance was, or if made, would be a Nonrecoverable Advance or
      Nonrecoverable Servicing Advance, respectively, and (E) any and all Officers’
Certificates delivered to the Trustee by the Servicer since the Closing Date
      pursuant to Section 4.04(a). Copies and mailing of any and all of the foregoing
      items will be available from the Trustee upon request at the expense of the
      Person requesting the same.

     

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE SERVICER

     

    
      	SECTION
              6.01.  	
              Liability
                of the Depositor and the Servicer.

            

    

     

    The
      Depositor and the Servicer each shall be liable in accordance herewith only
      to
      the extent of the obligations specifically imposed by this Agreement upon them
      in their respective capacities as Depositor and Servicer and undertaken
      hereunder by the Depositor and the Servicer herein.

     

    
      	SECTION
              6.02.  	
              Merger
                or Consolidation of the Depositor or the
                Servicer.

            

    

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, the
      Servicer will keep in full effect its existence, rights and franchises as a
      limited partnership under the laws of the jurisdiction of its formation. The
      Depositor and the Servicer each will obtain and preserve its qualification
      to do
      business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its respective duties under this Agreement.

     

    The
      Depositor or the Servicer may be merged or consolidated with or into any Person,
      or transfer all or substantially all of its assets to any Person, in which
      case
      any Person resulting from any merger or consolidation to which the Depositor
      or
      the Servicer shall be a party, or any Person succeeding to the business of
      the
      Depositor or the Servicer, shall be the successor of the Depositor or the
      Servicer, as the case may be, hereunder, without the execution or filing of
      any
      paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided, however, that the successor
      or
      surviving Person to the Servicer shall be qualified to service mortgage loans
      on
      behalf of Fannie Mae or Freddie Mac; and provided further that the Rating
      Agencies’ ratings of the Class A Certificates and the Mezzanine Certificates in
      effect immediately prior to such merger or consolidation will not be qualified,
      reduced or withdrawn as a result thereof (as evidenced by a letter to such
      effect from the Rating Agencies).

     

    
      	SECTION
              6.03.  	
              Limitation
                on Liability of the Depositor, the Servicer and
                Others.

            

    

     

    None
      of
      the Depositor, the Servicer or any of the directors, officers, employees or
      agents of the Depositor or the Servicer shall be under any liability to the
      Trust Fund or the Certificateholders for any action taken or for refraining
      from
      the taking of any action in good faith pursuant to this Agreement, or for errors
      in judgment; provided, however, that this provision shall not protect the
      Depositor, the Servicer or any such person against any breach of warranties,
      representations or covenants made herein, or against any specific liability
      imposed on the Servicer pursuant hereto, or against any liability which would
      otherwise be imposed by reason of willful misfeasance, bad faith or gross
      negligence in the performance of duties or by reason of reckless disregard
      of
      obligations and duties hereunder. The Depositor, the Servicer and any director,
      officer, employee or agent of the Depositor or the Servicer may rely in good
      faith on any document of any kind which, prima facie, is properly executed
      and
      submitted by any Person respecting any matters arising hereunder. The Depositor,
      the Servicer and any director, officer, employee or agent of the Depositor
      or
      the Servicer shall be indemnified and held harmless by the Trust Fund against
      any loss, liability or expense incurred in connection with any legal action
      relating to this Agreement or the Certificates, other than any loss, liability
      or expense relating to any specific Mortgage Loan or Mortgage Loans (except
      as
      any such loss, liability or expense shall be otherwise reimbursable pursuant
      to
      this Agreement) or any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or gross negligence in the performance of duties
      hereunder or by reason of reckless disregard of obligations and duties
      hereunder. Neither the Depositor nor the Servicer shall be under any obligation
      to appear in, prosecute or defend any legal action unless such action is related
      to its respective duties under this Agreement and, in its good faith reasonable
      opinion, does not involve it in any expense or liability; provided, however,
      that each of the Depositor and the Servicer may in its discretion undertake
      any
      such action which it may deem necessary or desirable with respect to this
      Agreement and the rights and duties of the parties hereto and the interests
      of
      the Certificateholders hereunder. In such event, unless the Depositor or the
      Servicer acts without the consent of Holders of Certificates entitled to at
      least 51% of the Voting Rights, the legal expenses and costs of such action
      and
      any liability resulting therefrom (except any loss, liability or expense
      incurred by reason of willful misfeasance, bad faith or gross negligence in
      the
      performance of duties hereunder or by reason of reckless disregard of
      obligations and duties hereunder) shall be expenses, costs and liabilities
      of
      the Trust Fund, and the Depositor and the Servicer shall be entitled to be
      reimbursed therefor from the Collection Account as and to the extent provided
      in
      Section 3.11, any such right of reimbursement being prior to the rights of
      the
      Certificateholders to receive any amount in the Collection Account.

     

    
      	SECTION
              6.04.  	
              Limitation
                on Resignation of the Servicer.

            

    

     

    (a)  The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except upon determination that its duties hereunder are no longer permissible
      under applicable law or as provided in Section 6.04(c) . Any such determination
      pursuant to the preceding sentence permitting the resignation of the Servicer
      shall be evidenced by an Opinion of Counsel to such effect obtained at the
      expense of the Servicer and delivered to the Trustee. No resignation of the
      Servicer shall become effective until the Trustee or a successor servicer shall
      have assumed the Servicer’s responsibilities, duties, liabilities (other than
      those liabilities arising prior to the appointment of such successor) and
      obligations under this Agreement.

     

    (b)  Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, that as provided in Section 3.02 hereof,
      no Sub-Servicer shall be a third-party beneficiary hereunder and the parties
      hereto shall not be required to recognize any Subservicer as an indemnitee
      under
      this Agreement.

     

    (c) The
      Trustee and the Depositor hereby specifically (i) consent to the pledge and
      assignment by the Servicer of all of the Servicer’s right, title and interest
      in, to and under this Agreement to the Servicing Rights Pledgee, for the benefit
      of certain lenders and (ii) provided that no Servicer Event of Default exists,
      agree that upon delivery to the Trustee by the Servicing Rights Pledgee of
      a
      letter signed by the Servicer whereunder the Servicer shall resign as Servicer
      under this Agreement, the Trustee shall appoint the Servicing Rights Pledgee
      or
      its designee as successor Servicer, provided that at the time of such
      appointment, the Servicing Rights Pledgee or such designee meets the
      requirements of a successor Servicer pursuant to Section 7.02(a) hereof and
      agrees to be subject to the terms of this Agreement. If, pursuant to any
      provision hereof, the duties of the Servicer are transferred to a successor
      servicer, the entire amount of the Servicing Fee and other compensation payable
      to the Servicer pursuant hereto shall thereafter be payable to such successor
      servicer.

     

    
      	SECTION
              6.05.  	
              Rights
                of the Depositor in Respect of the
                Servicer.

            

    

     

    The
      Servicer shall afford (and any Sub-Servicing Agreement shall provide that each
      Sub-Servicer shall afford) the Depositor and the Trustee, upon reasonable
      notice, during normal business hours, access to all records maintained by the
      Servicer (and any such Sub-Servicer) in respect of the Servicer’s rights and
      obligations hereunder and access to officers of the Servicer (and those of
      any
      such Sub-Servicer) responsible for such obligations. Upon request, the Servicer
      shall furnish to the Depositor and the Trustee its (and any such Sub-Servicer’s)
      most recent financial statements and such other information relating to the
      Servicer’s capacity to perform its obligations under this Agreement as it
      possesses (and that any such Sub-Servicer possesses). To the extent such
      information is not otherwise available to the public, the Depositor and the
      Trustee shall not disseminate any information obtained pursuant to the preceding
      two sentences without the Servicer’s written consent, except as required
      pursuant to this Agreement or to the extent that it is appropriate to do so
      (i)
      in working with legal counsel, auditors, taxing authorities or other
      governmental agencies, (ii) pursuant to any law, rule, regulation, order,
      judgment, writ, injunction or decree of any court or governmental authority
      having jurisdiction over the Depositor and the Trustee or the Trust Fund, and
      in
      any case, the Depositor or the Trustee, (iii) disclosure of any and all
      information that is or becomes publicly known, or information obtained by the
      Trustee from sources other than the Depositor or the Servicer, (iv) disclosure
      as required pursuant to this Agreement or (v) disclosure of any and all
      information(A) in any preliminary or final offering circular, registration
      statement or contract or other document pertaining to the transactions
      contemplated by the Agreement approved in advance by the Depositor or the
      Servicer or (B) to any affiliate, independent or internal auditor, agent,
      employee or attorney of the Trustee having a need to know the same, provided
      that the Trustee advises such recipient of the confidential nature of the
      information being disclosed, shall use its best efforts to assure the
      confidentiality of any such disseminated non-public information. The Depositor
      may, but is not obligated to, enforce the obligations of the Servicer under
      this
      Agreement and may, but is not obligated to, perform, or cause a designee to
      perform, any defaulted obligation of the Servicer under this Agreement or
      exercise the rights of the Servicer under this Agreement; provided that the
      Servicer shall not be relieved of any of its obligations under this Agreement
      by
      virtue of such performance by the Depositor or its designee. The Depositor
      shall
      not have any responsibility or liability for any action or failure to act by
      the
      Servicer and is not obligated to supervise the performance of the Servicer
      under
      this Agreement or otherwise.

     

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	SECTION
              7.01.  	
              Servicer
                Events of Default.

            

    

     

    (a)  “Servicer
      Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure by the Servicer to remit to the Trustee for distribution to the
      Certificateholders any payment (other than an Advance required to be made from
      its own funds on any Servicer Remittance Date pursuant to Section 4.03) required
      to be made under the terms of the Certificates and this Agreement which
      continues unremedied for a period of one Business Day after the date upon which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Servicer by the Depositor, the Trustee (in which case notice
      shall be provided by telecopy), or to the Servicer, the Depositor and the
      Trustee by the Holders of Certificates entitled to at least 25% of the Voting
      Rights; or

     

    (ii)  any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Servicer
      contained in this Agreement, or the breach by the Servicer of any representation
      and warranty contained in Section 2.05, which continues unremedied for a period
      of 30 days (or if such failure or breach cannot be remedied within 30 days,
      then
      such remedy shall have been commenced within 30 days and diligently pursued
      thereafter; provided, however, that in no event shall such failure or breach
      be
      allowed to exist for a period of greater than 90 days) after the earlier of
      (i)
      the date on which written notice of such failure, requiring the same to be
      remedied, shall have been given to the Servicer by the Depositor or the Trustee,
      or to the Servicer, the Depositor and the Trustee by the Holders of Certificates
      entitled to at least 25% of the Voting Rights and (ii) actual knowledge of
      such
      failure by a Servicing Officer; or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Servicer and
      such decree or order shall have remained in force undischarged or unstayed
      for a
      period of 90 days; or

     

    (iv)  the
      Servicer shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

    (v)  the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors,
      or
      voluntarily suspend payment of its obligations; or

     

    (vi)  any
      failure by the Servicer of the Servicer Termination Trigger; or

     

    (vii)  any
      failure of the Servicer to make any Advance on any Servicer Remittance Date
      required to be made from its own funds pursuant to Section 4.03 which continues
      unremedied until 3:00 p.m. New York time on the Business Day immediately
      following the Servicer Remittance Date.

     

    If
      a
      Servicer Event of Default described in clauses (i) through (vi) of this Section
      shall occur, then, and in each and every such case, so long as such Servicer
      Event of Default shall not have been remedied, the Depositor or the Trustee
      may,
      and at the written direction of the Holders of Certificates entitled to at
      least
      51% of Voting Rights, the Trustee shall, by notice in writing to the Servicer
      and to the Depositor, terminate all of the rights and obligations of the
      Servicer in its capacity as Servicer under this Agreement, to the extent
      permitted by law, and in and to the Mortgage Loans and the proceeds thereof.
      If
      a Servicer Event of Default described in clause (vii) hereof shall occur, the
      Trustee shall, by notice in writing to the Servicer, the Trustee and the
      Depositor, terminate all of the rights and obligations of the Servicer in its
      capacity as Servicer under this Agreement and in and to the Mortgage Loans
      and
      the proceeds thereof. On or after the receipt by the Servicer of such written
      notice, all authority and power of the Servicer under this Agreement, whether
      with respect to the Certificates (other than as a Holder of any Certificate)
      or
      the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee
      pursuant to and under this Section, and, without limitation, the Trustee is
      hereby authorized and empowered, as attorney-in-fact or otherwise, to execute
      and deliver, on behalf of and at the expense of the Servicer, any and all
      documents and other instruments and to do or accomplish all other acts or things
      necessary or appropriate to effect the purposes of such notice of termination,
      whether to complete the transfer and endorsement or assignment of the Mortgage
      Loans and related documents, or otherwise. The Servicer agrees promptly (and
      in
      any event no later than ten Business Days subsequent to such notice) to provide
      the Trustee with all documents and records requested by it to enable it to
      assume the Servicer’s functions under this Agreement, and to cooperate with the
      Trustee in effecting the termination of the Servicer’s responsibilities and
      rights under this Agreement, including, without limitation, the transfer within
      one Business Day to the Trustee for administration by it of all cash amounts
      which at the time shall be or should have been credited by the Servicer to
      the
      Collection Account held by or on behalf of the Servicer, the Distribution
      Account or any REO Account or Servicing Account held by or on behalf of the
      Servicer or thereafter be received with respect to the Mortgage Loans or any
      REO
      Property serviced by the Servicer (provided, however, that the Servicer shall
      continue to be entitled to receive all amounts accrued or owing to it under
      this
      Agreement on or prior to the date of such termination, whether in respect of
      Advances or otherwise, and shall continue to be entitled to the benefits of
      Section 6.03, notwithstanding any such termination, with respect to events
      occurring prior to such termination). For purposes of this Section 7.01, the
      Trustee shall not be deemed to have knowledge of a Servicer Event of Default
      unless a Responsible Officer of the Trustee assigned to and working in the
      Trustee’s Corporate Trust Office has actual knowledge thereof or unless written
      notice of any event which is in fact such a Servicer Event of Default is
      received by the Trustee and such notice references the Certificates, the Trust
      Fund or this Agreement.

     

    
      	SECTION
              7.02.  	
              Trustee
                to Act; Appointment of Successor.

            

    

     

    (a)  (1)On
      and
      after the time the Servicer receives a notice of termination, the Trustee shall
      separately assume and become the successor in all respects to the Servicer
      in
      its capacity as Servicer under this Agreement and the transactions set forth
      or
      provided for herein, and all the responsibilities, duties and liabilities
      relating thereto and arising thereafter shall be assumed by the Trustee (except
      for any representations or warranties of the Servicer under this Agreement,
      the
      responsibilities, duties and liabilities contained in Section 2.05 and the
      obligation to deposit amounts in respect of losses pursuant to Section 3.12)
      by
      the terms and provisions hereof including, without limitation, the Servicer’s
      obligations to make Advances pursuant to Section 4.03; provided, however, that
      if the Trustee is prohibited by law or regulation from obligating itself to
      make
      advances regarding delinquent mortgage loans, then the Trustee shall not be
      obligated to make Advances pursuant to Section 4.03; and provided further,
      that
      any failure to perform such duties or responsibilities caused by the Servicer’s
      failure to provide information required by Section 7.01 shall not be considered
      a default by the Trustee as successor to the Servicer hereunder. As compensation
      therefor, the Trustee shall be entitled to the Servicing Fee and all funds
      relating to the Mortgage Loans to which the Servicer would have been entitled
      if
      it had continued to act hereunder. Notwithstanding the above and subject to
      Section 7.02(a)(2) below, the Trustee may, if it shall be unwilling to so act,
      or shall, if it is unable to so act or if it is prohibited by law from making
      advances regarding delinquent mortgage loans or if the Holders of Certificates
      entitled to at least 51% of the Voting Rights so request in writing to the
      Trustee promptly appoint or petition a court of competent jurisdiction to
      appoint, an established mortgage loan servicing institution acceptable to each
      Rating Agency without qualification, withdrawal or downgrading of the ratings
      then assigned to any of the Certificates and having a net worth of not less
      than
      $15,000,000, as the successor to the Servicer under this Agreement in the
      assumption of all or any part of the responsibilities, duties or liabilities
      of
      the Servicer under this Agreement.

     

    All
      Servicing Transfer Costs shall be paid by the predecessor Servicer upon
      presentation of reasonable documentation of such costs (provided, that if the
      Trustee is the predecessor Servicer by reason of this Section 7.02, such costs
      shall be paid by the Servicer preceding the Trustee as successor servicer),
      and
      if such predecessor or initial Servicer, as applicable, defaults in its
      obligation to pay such costs, such costs shall be paid by the successor Servicer
      or the Trustee (in which case the successor Servicer or the Trustee, as
      applicable, shall be entitled to reimbursement therefor from the assets of
      the
      Trust Fund).

     

    (2) No
      appointment of a successor to the Servicer under this Agreement shall be
      effective until the assumption by the successor of all of the Servicer’s
      responsibilities, duties and liabilities hereunder. In connection with such
      appointment and assumption described herein, the Trustee may make such
      arrangements for the compensation of such successor out of payments on Mortgage
      Loans as it and such successor shall agree; provided, however, that no such
      compensation shall be in excess of that permitted the Servicer as such
      hereunder. The Depositor, the Trustee and such successor shall take such action,
      consistent with this Agreement, as shall be necessary to effectuate any such
      succession. Pending appointment of a successor to the Servicer under this
      Agreement, the Trustee shall act in such capacity as hereinabove
      provided.

     

    (b)  In
      the
      event of a Servicer Event of Default, notwithstanding anything to the contrary
      above, the Trustee and the Depositor hereby agree that upon delivery to the
      Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer
      within ten Business Days of when notification of such event shall have been
      provided to the Trustee, whereunder the Servicer shall resign as Servicer under
      this Agreement, the Trustee shall appoint the Servicing Rights Pledgee or its
      designee as successor Servicer, provided that at the time of such appointment,
      the Servicing Rights Pledgee or such designee meets the requirements of a
      successor Servicer set forth above and the Servicing Rights Pledgee or such
      designee agrees to be subject to the terms of this Agreement.

     

    (c) In
      connection with the termination or resignation of the Servicer hereunder, either
      (i) the successor servicer, including the Trustee if the Trustee is acting
      as
      successor Servicer, shall represent and warrant that it is a member of MERS
      in
      good standing and shall agree to comply in all material respects with the rules
      and procedures of MERS in connection with the servicing of the Mortgage Loans
      that are registered with MERS, in which case the predecessor Servicer shall
      cooperate with the successor Servicer in causing MERS to revise its records
      to
      reflect the transfer of servicing to the successor Servicer as necessary under
      MERS’ rules and regulations, or (ii) the predecessor Servicer shall cooperate
      with the successor Servicer in causing MERS to execute and deliver an assignment
      of Mortgage in recordable form to transfer the Mortgage from MERS to the Trustee
      and to execute and deliver such other notices, documents and other instruments
      as may be necessary or desirable to effect a transfer of such Mortgage Loan
      or
      servicing of such Mortgage Loan on the MERS® System to the successor Servicer.
      The predecessor Servicer shall file or cause to be filed any such assignment
      in
      the appropriate recording office. The predecessor Servicer shall bear any and
      all fees of MERS, costs of preparing any assignments of Mortgage, and fees
      and
      costs of filing any assignments of Mortgage that may be required under this
      Section 7.02(c).

     

    
      	SECTION
              7.03.  	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination of the Servicer pursuant to Section 7.01 above or any appointment
      of
      a successor to the Servicer pursuant to Section 7.02 above, the Trustee shall
      give prompt written notice thereof to Certificateholders at their respective
      addresses appearing in the Certificate Register.

     

    (b)  Not
      later
      than the later of 60 days after the occurrence of any event, which constitutes
      or which, with notice or lapse of time or both, would constitute a Servicer
      Event of Default or five days after a Responsible Officer of the Trustee becomes
      aware of the occurrence of such an event, the Trustee shall transmit by mail
      to
      all Holders of Certificates notice of each such occurrence, unless such default
      or Servicer Event of Default shall have been cured or waived.

     

    
      	SECTION
              7.04.  	
              Waiver
                of Servicer Events of Default.

            

    

     

    The
      Holders representing at least 66% of the Voting Rights evidenced by all Classes
      of Certificates affected by any default or Servicer Event of Default hereunder
      may waive such default or Servicer Event of Default; provided, however, that
      a
      default or Servicer Event of Default under clause (i) or (vii) of Section 7.01
      may be waived only by all of the Holders of the Regular Certificates. Upon
      any
      such waiver of a default or Servicer Event of Default, such default or Servicer
      Event of Default shall cease to exist and shall be deemed to have been remedied
      for every purpose hereunder. No such waiver shall extend to any subsequent
      or
      other default or Servicer Event of Default or impair any right consequent
      thereon except to the extent expressly so waived.

     

    

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE

     

    
      	SECTION
              8.01.  	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Default and after the
      curing of all Servicer Events of Default which may have occurred, undertakes
      to
      perform such duties and only such duties as are specifically set forth in this
      Agreement. During a Servicer Event of Default, the Trustee shall exercise such
      of the rights and powers vested in it by this Agreement, and use the same degree
      of care and skill in their exercise as a prudent person would exercise or use
      under the circumstances in the conduct of such person’s own affairs. Any
      permissive right of the Trustee enumerated in this Agreement shall not be
      construed as a duty.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform on their face
      to
      the requirements of this Agreement. If any such instrument is found not to
      conform on its face to the requirements of this Agreement in a material manner,
      the Trustee shall take such action as it deems appropriate to have the
      instrument corrected, and if the instrument is not corrected to its
      satisfaction, will provide notice thereof to the
      Certificateholders.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided, however, that:

     

    (i)  Prior
      to
      the occurrence of a Servicer Event of Default, and after the curing of all
      such
      Servicer Events of Default which may have occurred, the duties and obligations
      of the Trustee shall be determined solely by the express provisions of this
      Agreement, the Trustee shall not be liable except for the performance of such
      duties and obligations as are specifically set forth in this Agreement, no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee that conform to the requirements of this Agreement;

     

    (ii)  The
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer or Responsible Officers of the Trustee unless
      it
      shall be proved that the Trustee was negligent in ascertaining the pertinent
      facts; and

     

    (iii)  The
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the Holders of Certificates entitled to at least 25% of the Voting
      Rights relating to the time, method and place of conducting any proceeding
      for
      any remedy available to the Trustee or exercising any trust or power conferred
      upon it, under this Agreement.

     

    
      	SECTION
              8.02.  	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  The
      Trustee may request and conclusively rely upon and shall be fully protected
      in
      acting or refraining from acting upon any resolution, Officers’ Certificate,
      certificate of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document reasonably believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties;

     

    (ii)  The
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii)  The
      Trustee shall not be under any obligation to exercise any of the trusts or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto at the request, order or direction
      of
      any of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders shall have offered to the Trustee security or
      indemnity reasonably satisfactory to it against the costs, expenses and
      liabilities which may be incurred therein or thereby; nothing contained herein
      shall, however, relieve the Trustee of the obligation, upon the occurrence
      of a
      Servicer Event of Default (which has not been cured or waived), to exercise
      such
      of the rights and powers vested in it by this Agreement, and to use the same
      degree of care and skill in their exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs;

     

    (iv)  The
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    (v)  Prior
      to
      the occurrence of a Servicer Event of Default hereunder and after the curing
      of
      all Servicer Events of Default which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by the Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that if the payment within
      a
      reasonable time to the Trustee of the costs, expenses or liabilities likely
      to
      be incurred by it in the making of such investigation is, in the opinion of
      the
      Trustee not reasonably assured to the Trustee by such Certificateholders, the
      Trustee may require indemnity reasonably satisfactory to it against such expense
      or liability from such Certificateholders as a condition to taking any such
      action;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, accountants or attorneys,
      and
      the Trustee shall not be responsible for any misconduct or negligence on the
      part of any agents, accountants or attorneys appointed with due care by it
      hereunder; and

     

    (vii)  The
      Trustee shall have no obligation to invest and reinvest any cash held in the
      absence of timely and specific written investment direction from the Servicer
      or
      the Depositor. In no event shall the Trustee be liable for the selection of
      investments or for investment losses incurred thereon. The Trustee shall have
      no
      liability in respect of losses incurred as a result of the liquidation of any
      investment incurred as a result of the liquidation of any investment prior
      to
      its stated maturity or the failure of the Servicer or the Depositor to provide
      timely written investment direction.

     

    (b)  All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by it without the possession of
      any
      of the Certificates, or the production thereof at the trial or other proceeding
      relating thereto, and any such suit, action or proceeding instituted by the
      Trustee shall be brought in the name of the Trustee for the benefit of all
      the
      Holders of such Certificates, subject to the provisions of this
      Agreement.

     

    
      	SECTION
              8.03.  	
              Trustee
                Not Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Trustee, the authentication of the Certificate Registrar on the
      Certificates, the acknowledgments of the Trustee contained in Article II and
      the
      representations and warranties of the Trustee in Section 8.13) shall be taken
      as
      the statements of the Depositor and the Trustee assumes no responsibility for
      their correctness. The Trustee makes no representations or warranties as to
      the
      validity or sufficiency of this Agreement (other than as specifically set forth
      with respect to such party in Section 8.13) or of the Certificates (other than
      the signature of the Trustee and authentication of the Certificate Registrar
      on
      the Certificates) or of any Mortgage Loan or related document or of MERS or
      the
      MERS® System. The Trustee shall not be accountable for the use or application by
      the Depositor of any of the Certificates or of the proceeds of such
      Certificates, or for the use or application of any funds paid to the Depositor
      or the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
      from the Collection Account by the Servicer, other than any funds held by or
      on
      behalf of the Trustee in accordance with Section 3.10, subject to Section
      8.01.

     

    
      	SECTION
              8.04.  	
              Trustee
                May Own Certificates.

            

    

     

    The
      Trustee in its individual capacity or any other capacity may become the owner
      or
      pledgee of Certificates with the same rights it would have if it were not
      Trustee.

     

    
      	SECTION
              8.05.  	
              Trustee’s
                Fees and Expenses.

            

    

     

    (a)  The
      Trustee shall withdraw from the Distribution Account on each Distribution Date
      and pay to itself the Trustee Fee. The Trustee, or any director, officer,
      employee or agent of the Trustee shall be indemnified by the Trust Fund and
      held
      harmless against any loss, liability or expense (not including expenses,
      disbursements and advances incurred or made by the Trustee including the
      compensation and the expenses and disbursements of its agents and counsel,
      in
      the ordinary course of the Trustee’s performance in accordance with the
      provisions of this Agreement) incurred by the Trustee in connection with any
      Servicer Event of Default (not including expenses, disbursements and advances
      incurred or made by the Trustee in its capacity as successor Servicer), default,
      claim or legal action or any pending or threatened claim or legal action arising
      out of or in connection with the acceptance or administration of its obligations
      and duties under this Agreement, other than any loss, liability or expense
      (i)
      resulting from a breach of the Servicer’s obligations and duties under this
      Agreement and the Mortgage Loans (for which the Servicer shall indemnify
      pursuant to Section 8.05(b)), (ii) for the expenses of preparing and filing
      Tax
      Returns pursuant to Section 10.01(d) or (iii) any loss, liability or expense
      incurred by reason of its willful misfeasance, bad faith or negligence in the
      performance of its duties hereunder or by reason of reckless disregard of its
      respective obligations and duties hereunder. Any amounts payable to the Trustee,
      or any director, officer, employee or agent of the Trustee in respect of the
      indemnification provided by this paragraph (a), or pursuant to any other right
      of reimbursement from the Trust Fund that the Trustee, or any director, officer,
      employee or agent of the Trustee, may have hereunder in its capacity as such,
      may be withdrawn by the Trustee from the Distribution Account at any
      time.

     

    (b)  The
      Servicer agrees to indemnify the Trustee from, and hold it harmless against,
      any
      loss, liability or expense resulting from a breach of the Servicer’s obligations
      and duties under this Agreement. Such indemnity shall survive the termination
      or
      discharge of this Agreement and the resignation or removal of the Trustee.
      Any
      payment hereunder made by the Servicer to the Trustee shall be from the
      Servicer’s own funds, without reimbursement from the Trust Fund
      therefor.

     

    The
      provisions of this Section 8.05 shall survive the termination of this Agreement
      or the earlier resignation or removal of the Trustee.

     

    
      	SECTION
              8.06.  	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall at all times be a corporation or an association (other
      than the Depositor, the Seller, the Servicer or any Affiliate of the foregoing)
      organized and doing business under the laws of any state or the United States
      of
      America, authorized under such laws to exercise corporate trust powers, having
      a
      combined capital and surplus of at least $50,000,000 and subject to supervision
      or examination by federal or state authority. If such corporation or association
      publishes reports of conditions at least annually, pursuant to law or to the
      requirements of the aforesaid supervising or examining authority, then for
      the
      purposes of this Section the combined capital and surplus of such corporation
      or
      association shall be deemed to be its combined capital and surplus as set forth
      in its most recent report of condition so published. In case at any time the
      Trustee shall cease to be eligible in accordance with the provisions of this
      Section, the Trustee shall resign immediately in the manner and with the effect
      specified in Section 8.07.

     

    
      	SECTION
              8.07.  	
              Resignation
                and Removal of the Trustee.

            

    

     

    The
      Trustee may at any time resign and be discharged from the trust hereby created
      by giving written notice thereof to the Depositor, the Servicer and the
      Certificateholders. Upon receiving such notice of resignation of the Trustee,
      the Depositor shall promptly appoint a successor trustee by written instrument,
      in duplicate, which instrument shall be delivered to the resigning Trustee
      and
      to the successor trustee. A copy of such instrument shall be delivered to the
      Certificateholders, the Trustee and the Servicer by the Depositor. If no
      successor trustee shall have been so appointed and have accepted appointment
      within 30 days after the giving of such notice of resignation or removal, the
      Trustee may petition any court of competent jurisdiction for the appointment
      of
      a successor trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor, or if at any time the Trustee shall become incapable of acting,
      or
      shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of
      its
      property shall be appointed, or any public officer shall take charge or control
      of the Trustee or of its property or affairs for the purpose of rehabilitation,
      conservation or liquidation, then the Depositor may remove the Trustee and
      appoint a successor trustee by written instrument, in duplicate, which
      instrument shall be delivered to the Trustee so removed and to the successor
      trustee. A copy of such instrument shall be delivered to the Certificateholders
      and the Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee and appoint a successor trustee by written instrument
      or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Depositor, one complete set to the Trustee so removed and one complete set
      to
      the successor so appointed. A copy of such instrument shall be delivered to
      the
      Certificateholders and the Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor trustee as provided in Section
      8.08.

     

    
      	SECTION
              8.08.  	
              Successor
                Trustee.

            

    

     

    Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor and to its predecessor Trustee an
      instrument accepting such appointment hereunder, and thereupon the resignation
      or removal of the predecessor trustee shall become effective and such successor
      trustee without any further act, deed or conveyance, shall become fully vested
      with all the rights, powers, duties and obligations of its predecessor
      hereunder, with the like effect as if originally named as Trustee herein. The
      predecessor trustee shall deliver to the successor trustee all Mortgage Files
      and related documents and statements, as well as all moneys, held by it
      hereunder (other than any Mortgage Files at the time held by a custodian, which
      custodian shall become the agent of any successor trustee hereunder), and the
      Depositor and the predecessor trustee shall execute and deliver such instruments
      and do such other things as may reasonably be required for more fully and
      certainly vesting and confirming in the successor trustee all such rights,
      powers, duties and obligations.

     

    No
      successor trustee shall accept appointment as provided in this Section unless
      at
      the time of such acceptance such successor trustee shall be eligible under
      the
      provisions of Section 8.06 and the appointment of such successor trustee shall
      not result in a downgrading of any Class of Certificates by either Rating
      Agency, as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section,
      the Depositor shall mail notice of the succession of such trustee hereunder
      to
      all Holders of Certificates at their addresses as shown in the Certificate
      Register. If the Depositor fails to mail such notice within 10 days after
      acceptance of appointment by the successor trustee, the successor trustee shall
      cause such notice to be mailed at the expense of the Depositor.

     

    
      	SECTION
              8.09.  	
              Merger
                or Consolidation of Trustee.

            

    

     

    Any
      corporation or association into which the Trustee may be merged or converted
      or
      with which it may be consolidated or any corporation or association resulting
      from any merger, conversion or consolidation to which the Trustee shall be
      a
      party, or any corporation or association succeeding to the business of the
      Trustee shall be the successor of the Trustee hereunder, provided such
      corporation or association shall be eligible under the provisions of Section
      8.06, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      	SECTION
              8.10.  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of REMIC I or property
      securing the same may at the time be located, the Servicer and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of REMIC I, and to vest in such Person
      or
      Persons, in such capacity, such title to REMIC I, or any part thereof, and,
      subject to the other provisions of this Section 8.10, such powers, duties,
      obligations, rights and trusts as the Servicer and the Trustee may consider
      necessary or desirable. Any such co-trustee or separate trustee shall be subject
      to the written approval of the Servicer. If the Servicer shall not have joined
      in such appointment within 15 days after the receipt by it of a request so
      to
      do, or in case a Servicer Event of Default shall have occurred and be
      continuing, the Trustee alone shall have the power to make such appointment.
      No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor trustee under Section 8.06 hereunder and no notice
      to
      Holders of Certificates of the appointment of co-trustee(s) or separate
      trustee(s) shall be required under Section 8.08 hereof. The Servicer shall
      be
      responsible for the fees of any co-trustee or separate trustee appointed under
      this Section 8.10.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 8.10, all rights, powers, duties and obligations conferred or imposed
      upon the Trustee shall be conferred or imposed upon and exercised or performed
      by the Trustee and such separate trustee or co-trustee jointly, except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed by the Trustee (whether as Trustee hereunder or as
      successor to the Servicer hereunder), the Trustee shall be incompetent or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to REMIC I or any portion
      thereof in any such jurisdiction) shall be exercised and performed by such
      separate trustee or co-trustee at the direction of the Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trust
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Depositor and the Servicer.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    
      	SECTION
              8.11.  	
              Reserved.

            

    

     

    
      	SECTION
              8.12.  	
              Appointment
                of Office or Agency.

            

    

     

    The
      Trustee will designate an office or agency in the City of New York where the
      Certificates may be surrendered for registration of transfer or exchange, and
      presented for final distribution, and where notices and demands to or upon
      the
      Trustee in respect of the Certificates and this Agreement may be delivered.
      As
      of the Closing Date, the Trustee designates the office of its agent located
      c/o
      DTC Transfer Agent Services, 55 Water Street, Jeanette Park Entrance, New York,
      NY 10041 for such purposes.

     

    
      	SECTION
              8.13.  	
              Representations
                and Warranties of the Trustee.

            

    

     

    The
      Trustee hereby represents and warrants, solely as to itself, to the Servicer
      and
      the Depositor, as of the Closing Date, that:

     

    (i)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States.

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its charter
      or bylaws.

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Agreement, has duly authorized the execution, delivery
      and
      performance of this Agreement, and has duly executed and delivered this
      Agreement.

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

    

    ARTICLE
      IX

     

    TERMINATION

     

    
      	SECTION
              9.01.  	
              Termination
                Upon Repurchase or Liquidation of All Mortgage
                Loans.

            

    

     

    (a)  Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Servicer and the Trustee (other than the
      obligations of the Servicer to the Trustee pursuant to Section 8.05 and of
      the
      Servicer to provide for and the Trustee to make payments in respect of the
      REMIC
      I Regular Interests and the Classes of Certificates as hereinafter set forth)
      shall terminate upon payment to the Certificateholders and the deposit of all
      amounts held by or on behalf of the Trustee and required hereunder to be so
      paid
      or deposited on the Distribution Date coinciding with or following the earlier
      to occur of (i) the purchase by the Terminator (as defined below) of all
      Mortgage Loans and each REO Property remaining in REMIC I and (ii) the final
      payment or other liquidation (or any advance with respect thereto) of the last
      Mortgage Loan or REO Property remaining in REMIC I; provided, however, that
      in
      no event shall the trust created hereby continue beyond the expiration of 21
      years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late ambassador of the United States to the Court of St. James,
      living on the date hereof. Subject to Section 3.10 hereof, the purchase by
      the
      Terminator of all Mortgage Loans and each REO Property remaining in REMIC I
      shall be at a price (the “Termination Price”) equal to the greater
      of:

     

    (A) the
      aggregate Purchase Price of all the Mortgage Loans included in REMIC I, plus
      the
      appraised value of each REO Property, if any, included in REMIC I, such
      appraisal to be conducted by an Independent appraiser selected by (i) the
      Terminator and (ii) if the Class A Certificates or a Class of Mezzanine
      Certificates will not receive all amounts owed to it as a result of the
      termination, an Independent appraiser mutually agreed upon by the Terminator
      and
      the Trustee on behalf of the Certificateholders and

     

    (B) the
      aggregate fair market value of all of the assets of REMIC I (as determined
      as of
      the close of business on the third Business Day next preceding the date upon
      which notice of any such termination is furnished to the Certificateholders
      pursuant to Section 9.01(c) by (i) the Terminator and (ii) if the Class A
      Certificates or a Class of Mezzanine Certificates will not receive all amounts
      owed to it as a result of the termination, an Independent appraiser mutually
      agreed upon by the Terminator and the Trustee on behalf of the
      Certificateholders).

     

    However,
      this option may only be exercised if the Termination Price is sufficient to
      pay
      all interest accrued on, as well as amounts necessary to retire the principal
      balance of, any net interest margin securities backed by the Class CE
      Certificates and Class P Certificates. If the determination of the appraised
      value of each REO Property pursuant to (A) above or the fair market value of
      the
      Mortgage Loans and REO Properties pursuant to (B) above shall be required to
      be
      made by the Terminator and an Independent appraiser as provided above, (i)
      such
      appraisal shall be obtained at no expense to the Trustee and (ii) the Trustee
      may conclusively rely on, and shall be protected in relying on, such
      appraisal.

     

    (b)  The
      Servicer (or an Affiliate of the Servicer) shall have the right (the party
      exercising such right, the “Terminator”), to purchase all of the Mortgage Loans
      and each REO Property remaining in REMIC I pursuant to clause (i) of the
      preceding paragraph no later than the Determination Date in the month
      immediately preceding the Distribution Date on which the Certificates will
      be
      retired; provided, however, that the Terminator may elect to purchase all of
      the
      Mortgage Loans and each REO Property remaining in REMIC I pursuant to clause
      (i)
      above only if the aggregate Stated Principal Balance of the Mortgage Loans
      and
      each REO Property remaining in the Trust Fund at the time of such election
      is
      reduced to less than 10% of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date. By acceptance of a Residual Certificate,
      the Holders of the Residual Certificates agree, in connection with any
      termination hereunder, to assign and transfer any amounts in excess of par,
      and
      to the extent received in respect of such termination, to pay any such amounts
      to the Holders of the Class CE Certificates.

     

    (c)  Notice
      of
      the liquidation of the Certificates shall be given promptly by the Trustee
      by
      letter to Certificateholders mailed (a) in the event such notice is given in
      connection with the purchase of the Mortgage Loans and each REO Property by
      the
      Terminator, not earlier than the 10th
      day and
      not later than the 20th
      day of
      the month next preceding the month of the final distribution on the related
      Certificates or (b) otherwise during the month of such final distribution on
      or
      before the Determination Date in such month, in each case specifying (i) the
      Distribution Date upon which the Trust Fund will terminate and the final payment
      in respect of the REMIC I Regular Interests, as applicable and the related
      Certificates will be made upon presentation and surrender of the related
      Certificates at the office of the Trustee therein designated, (ii) the amount
      of
      any such final payment, (iii) that no interest shall accrue in respect of the
      REMIC I Regular Interests or the related Certificates from and after the
      Interest Accrual Period relating to the final Distribution Date therefor and
      (iv) that the Record Date otherwise applicable to such Distribution Date is
      not
      applicable, payments being made only upon presentation and surrender of the
      related Certificates at the office of the Trustee. In the event such notice
      is
      given in connection with the purchase of all of the Mortgage Loans and each
      REO
      Property remaining in REMIC I by the Terminator, the Terminator shall deliver
      to
      the Trustee for deposit in the Distribution Account not later than the last
      Business Day of the month next preceding the month of the final distribution
      on
      the related Certificates an amount in immediately available funds equal to
      the
      above-described purchase price. The Trustee shall remit to the Servicer from
      such funds deposited in the Distribution Account (i) any amounts which the
      Servicer would be permitted to withdraw and retain from the Collection Account
      pursuant to Section 3.11 and (ii) any other amounts otherwise payable by the
      Trustee to the Servicer from amounts on deposit in the Distribution Account
      pursuant to the terms of this Agreement, in each case prior to making any final
      distributions pursuant to Section 10.01(d) below. Upon certification to the
      Trustee by a Servicing Officer of the making of such final deposit, the Trustee
      shall promptly release to the Terminator the Mortgage Files for the remaining
      Mortgage Loans, and the Trustee shall execute all assignments, endorsements
      and
      other instruments necessary to effectuate such transfer.

     

    Immediately
      following the deposit of funds in trust hereunder in respect of the
      Certificates, the Trust Fund shall terminate.

     

    
      	SECTION
              9.02.  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section 9.01, the Trust Fund (or
      the
      applicable Trust REMIC) shall be terminated in accordance with the following
      additional requirements:

     

    (i)  The
      Trustee shall specify the first day in the 90-day liquidation period in a
      statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
      regulation Section 1.860F-1 and shall satisfy all requirements of a qualified
      liquidation under Section 860F of the Code and any regulations thereunder,
      as
      evidenced by an Opinion of Counsel obtained at the expense of the
      Terminator;

     

    (ii)  During
      such 90-day liquidation period and, at or prior to the time of making of the
      final payment on the Certificates, the Trustee shall sell all of the assets
      of
      REMIC I to the Terminator for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Trustee shall
      distribute or credit, or cause to be distributed or credited, to the Holders
      of
      the Residual Certificates in respect of the Class R-I Interest all cash on
      hand
      in the Trust Fund (other than cash retained to meet claims), and the Trust
      Fund
      shall terminate at that time.

     

    (b)  At
      the
      expense of the requesting Terminator (or, if the Trust Fund is being terminated
      as a result of the occurrence of the event described in clause (ii) of the
      first
      paragraph of Section 9.01, at the expense of the Depositor without the right
      of
      reimbursement from the Trust Fund), the Terminator shall prepare or cause to
      be
      prepared the documentation required in connection with the adoption of a plan
      of
      liquidation of each Trust REMIC pursuant to this Section 9.02.

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Trustee to specify the 90-day liquidation period for each Trust REMIC, which
      authorization shall be binding upon all successor
      Certificateholders.

     

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    
      	SECTION
              10.01.  	
              REMIC
                Administration.

            

    

     

    (a)  The
      Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
      if
      necessary, under applicable state law. Each such election will be made by the
      Trustee on Form 1066 or other appropriate federal tax or information return
      or
      any appropriate state return for the taxable year ending on the last day of
      the
      calendar year in which the Certificates are issued. For the purposes of the
      REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be
      designated as the Regular Interests in REMIC I and the Class R-I Interest shall
      be designated as the Residual Interest in REMIC I. The Class A Certificates,
      the
      Class M-1 Certificates and the Class M-2 Certificates shall be designated as
      the
      Regular Interests in REMIC II and the Class R-II Interest shall be designated
      as
      the Residual Interest in REMIC II. The Class M-3 Certificates shall be
      designated as Regular Interests in REMIC III and the Class R-III Interest shall
      be designated as the Residual Interest in REMIC III. The Class M-4 Certificates
      shall be designated as Regular Interests in REMIC IV and the Class R-IV Interest
      shall be designated as the Residual Interest in REMIC IV. The Class M-5
      Certificates shall be designated as Regular Interests in REMIC V and the Class
      R-V Interest shall be designated as the Residual Interest in REMIC V. The Class
      CE Certificates shall be designated as Regular Interests in REMIC VI and the
      Class R-VI Interest shall be designated as the Residual Interest in REMIC VI.
      The Class P Certificates shall be designated as Regular Interests in REMIC
      VII
      and the Class R-VII Interest shall be designated as the Residual Interest in
      REMIC VII. The Trustee shall not permit the creation of any “interests” in any
      Trust REMIC (within the meaning of Section 860G of the Code) other than the
      REMIC I Regular Interests and the interests represented by the
      Certificates.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

     

    (c)  The
      Trustee shall be reimbursed for any and all expenses relating to any tax audit
      of the Trust Fund (including, but not limited to, any professional fees or
      any
      administrative or judicial proceedings with respect to each Trust REMIC that
      involve the Internal Revenue Service or state tax authorities), including the
      expense of obtaining any tax related Opinion of Counsel required to be obtained
      hereunder. The Trustee, as agent for each Trust REMIC’s tax matters person shall
      (i) act on behalf of the Trust Fund in relation to any tax matter or controversy
      involving any Trust REMIC and (ii) represent the Trust Fund in any
      administrative or judicial proceeding relating to an examination or audit by
      any
      governmental taxing authority with respect thereto. The holder of the largest
      Percentage Interest of Residual Certificates shall be designated, in the manner
      provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
      section 301.6231(a)(7)-1, as the tax matters person of each Trust REMIC created
      hereunder. By their acceptance thereof, the holder of the largest Percentage
      Interest of the Residual Certificates hereby agrees to irrevocably appoint
      the
      Trustee or an Affiliate as its agent to perform all of the duties of the tax
      matters person for the Trust Fund.

     

    (d)  The
      Trustee shall prepare, sign and file all of the Tax Returns (including Form
      8811, which must be filed within 30 days following the Closing Date) in respect
      of each Trust REMIC created hereunder. The expenses of preparing and filing
      such
      returns shall be borne by the Trustee without any right of reimbursement
      therefor.

     

    (e)  The
      Trustee shall perform on behalf of each Trust REMIC all reporting and other
      tax
      compliance duties that are the responsibility of such REMIC under the Code,
      the
      REMIC Provisions or other compliance guidance issued by the Internal Revenue
      Service or any state or local taxing authority. Among its other duties, as
      required by the Code, the REMIC Provisions or other such compliance guidance,
      the Trustee shall provide (i) to any Transferor of a Residual Certificate such
      information as is necessary for the application of any tax relating to the
      transfer of a Residual Certificate to any Person who is not a Permitted
      Transferee, (ii) to the Certificateholders such information or reports as are
      required by the Code or the REMIC Provisions including reports relating to
      interest, original issue discount and market discount or premium (using the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who will serve as the
      representative of each Trust REMIC. The Depositor shall provide or cause to
      be
      provided to the Trustee, within ten (10) days after the Closing Date, all
      information or data that the Trustee reasonably determines to be relevant for
      tax purposes as to the valuations and issue prices of the Certificates,
      including, without limitation, the price, yield, prepayment assumption and
      projected cash flow of the Certificates.

     

    (f)  The
      Trustee shall take such action and shall cause each Trust REMIC created
      hereunder to take such action as shall be necessary to create or maintain the
      status thereof as a REMIC under the REMIC Provisions. The Trustee shall not
      take
      any action or cause the Trust Fund to take any action or fail to take (or fail
      to cause to be taken) any action that, under the REMIC Provisions, if taken
      or
      not taken, as the case may be, could (i) endanger the status of each Trust
      REMIC
      as a REMIC or (ii) result in the imposition of a tax upon the Trust Fund
      (including but not limited to the tax on prohibited transactions as defined
      in
      Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
      forth
      in Section 860G(d) of the Code) (either such event, an “Adverse REMIC Event”)
      unless the Trustee has received an Opinion of Counsel, addressed to the Trustee
      (at the expense of the party seeking to take such action but in no event at
      the
      expense of the Trustee) to the effect that the contemplated action will not,
      with respect to any Trust REMIC, endanger such status or result in the
      imposition of such a tax, nor shall the Servicer take or fail to take any action
      (whether or not authorized hereunder) as to which the Trustee has advised it
      in
      writing that it has received an Opinion of Counsel to the effect that an Adverse
      REMIC Event could occur with respect to such action; provided that the Servicer
      may conclusively rely on such Opinion of Counsel and shall incur no liability
      for its action or failure to act in accordance with such Opinion of Counsel.
      In
      addition, prior to taking any action with respect to any Trust REMIC or the
      respective assets of each, or causing any Trust REMIC to take any action, which
      is not contemplated under the terms of this Agreement, the Servicer will consult
      with the Trustee or its designee, in writing, with respect to whether such
      action could cause an Adverse REMIC Event to occur with respect to any Trust
      REMIC and the Servicer shall not take any such action or cause any Trust REMIC
      to take any such action as to which the Trustee has advised it in writing that
      an Adverse REMIC Event could occur; provided that the Servicer may conclusively
      rely on such writing and shall incur no liability for its action or failure
      to
      act in accordance with such writing. The Trustee may consult with counsel to
      make such written advice, and the cost of same shall be borne by the party
      seeking to take the action not permitted by this Agreement, but in no event
      shall such cost be an expense of the Trustee. At all times as may be required
      by
      the Code, the Trustee will ensure that substantially all of the assets of REMIC
      I will consist of “qualified mortgages” as defined in Section 860G(a)(3) of the
      Code and “permitted investments” as defined in Section 860G(a)(5) of the Code,
      to the extent such obligations are within the Trustee’s control and not
      otherwise inconsistent with the terms of this Agreement.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of any Trust REMIC
      created hereunder as defined in Section 860F(a)(2) of the Code, on the “net
      income from foreclosure property” of such REMIC as defined in Section 860G(c) of
      the Code, on any contributions to any such REMIC after the Startup Day therefor
      pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
      Code
      or any applicable provisions of state or local tax laws, such tax shall be
      charged (i) to the Trustee pursuant to Section 10.03 hereof, if such tax arises
      out of or results from a breach by the Trustee of any of its obligations under
      this Article X, (ii) to the Servicer pursuant to Section 10.03 hereof, if such
      tax arises out of or results from a breach by the Servicer of any of its
      obligations under Article III or this Article X, or (iii) in all other cases,
      against amounts on deposit in the Distribution Account and shall be paid by
      withdrawal therefrom.

     

    (h)  On
      or
      before April 15 of each calendar year, commencing [_________], the Trustee
      shall
      deliver to each Rating Agency an Officer’s Certificate of the Trustee stating
      the Trustee’s compliance with this Article X.

     

    (i)  The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to each Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j)  Following
      the Startup Day, neither the Servicer nor the Trustee shall accept any
      contributions of assets to any Trust REMIC other than in connection with any
      Qualified Substitute Mortgage Loan delivered in accordance with Section 2.03
      unless it shall have received an Opinion of Counsel to the effect that the
      inclusion of such assets in the Trust Fund will not cause any Trust REMIC to
      fail to qualify as a REMIC at any time that any Certificates are outstanding
      or
      subject any Trust REMIC to any tax under the REMIC Provisions or other
      applicable provisions of federal, state and local law or
      ordinances.

     

    (k)  Neither
      the Trustee nor the Servicer shall enter into any arrangement by which any
      Trust
      REMIC will receive a fee or other compensation for services nor knowingly permit
      any Trust REMIC to receive any income from assets other than “qualified
      mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
      investments” as defined in Section 860G(a)(5) of the Code.

     

    
      	SECTION
              10.02.  	
              Prohibited
                Transactions and Activities.

            

    

     

    None
      of
      the Depositor, the Servicer or the Trustee shall sell, dispose of or substitute
      for any of the Mortgage Loans (except in connection with (i) the foreclosure
      of
      a Mortgage Loan, including but not limited to, the acquisition or sale of a
      Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy
      of REMIC I, (iii) the termination of REMIC I pursuant to Article IX of this
      Agreement, (iv) a substitution pursuant to Article II of this Agreement or
      (v) a
      purchase of Mortgage Loans pursuant to Article II or III of this Agreement),
      nor
      acquire any assets for any Trust REMIC (other than REO Property acquired in
      respect of a defaulted Mortgage Loan), nor sell or dispose of any investments
      in
      the Collection Account or the Distribution Account for gain, nor accept any
      contributions to any Trust REMIC after the Closing Date (other than a Qualified
      Substitute Mortgage Loan delivered in accordance with Section 2.03), unless
      it
      has received an Opinion of Counsel, addressed to the Trustee (at the expense
      of
      the party seeking to cause such sale, disposition, substitution, acquisition
      or
      contribution but in no event at the expense of the Trustee) that such sale,
      disposition, substitution, acquisition or contribution will not (a) affect
      adversely the status of any Trust REMIC as a REMIC or (b) cause any Trust REMIC
      to be subject to a tax on “prohibited transactions” or “contributions” pursuant
      to the REMIC Provisions.

     

    
      	SECTION
              10.03.  	
              Servicer
                and Trustee Indemnification.

            

    

     

    (a)  The
      Trustee agrees to indemnify the Trust Fund, the Depositor and the Servicer
      for
      any taxes and costs including, without limitation, any reasonable attorneys’
fees imposed on or incurred by the Trust Fund, the Depositor or the Servicer
      as
      a result of a breach of the Trustee’s covenants set forth in this Article
      X.

     

    (b)  The
      Servicer agrees to indemnify the Trust Fund, the Depositor and the Trustee
      for
      any taxes and costs including, without limitation, any reasonable attorneys’
fees imposed on or incurred by the Trust Fund, the Depositor or the Trustee,
      as
      a result of a breach of the Servicer’s covenants set forth in Article III or
      this Article X.

     

    

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01.  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee without the consent of any of the Certificateholders, (i) to cure
      any ambiguity or defect, (ii) to correct, modify or supplement any provisions
      herein (including to give effect to the expectations of Certificateholders),
      (iii) to amend the provisions of Section 4.06 or (iii) to make any other
      provisions with respect to matters or questions arising under this Agreement
      which shall not be inconsistent with the provisions of this Agreement, provided
      that such action shall not, as evidenced by either (a) an Opinion of Counsel
      delivered to the Trustee adversely affect in any material respect the interests
      of any Certificateholder or (b) written notice to the Depositor, the Servicer
      and the Trustee from the Rating Agencies that such action will not result in
      the
      reduction or withdrawal of the rating of any outstanding Class of Certificates
      with respect to which it is a Rating Agency). No amendment shall be deemed
      to
      adversely affect in any material respect the interests of any Certificateholder
      who shall have consented thereto, and no Opinion of Counsel or Rating Agency
      confirmation shall be required to address the effect of any such amendment
      on
      any such consenting Certificateholder. Notwithstanding the foregoing, neither
      an
      Opinion of Counsel nor written notice to the Depositor, the Servicer and the
      Trustee from the Rating Agencies will be required in connection with an
      amendment to the provisions of Section 4.06.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer
      and the Trustee with the consent of the Holders of Certificates entitled to
      at
      least 66% of the Voting Rights for the purpose of adding any provisions to
      or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Holders of Certificates; provided,
      however, that no such amendment shall (i) reduce in any manner the amount of,
      or
      delay the timing of, payments received on Mortgage Loans which are required
      to
      be distributed on any Certificate without the consent of the Holder of such
      Certificate, (ii) adversely affect in any material respect the interests of
      the
      Holders of any Class of Certificates (as evidenced by either (i) an Opinion
      of
      Counsel delivered to the Trustee or (ii) written notice to the Depositor, the
      Servicer and the Trustee from the Rating Agencies that such action will not
      result in the reduction or withdrawal of the rating of any outstanding Class
      of
      Certificates with respect to which it is a Rating Agency) in a manner, other
      than as described in (i) or (iii) modify the consents required by the
      immediately preceding clauses (i) and (ii) without the consent of the Holders
      of
      all Certificates then outstanding. Notwithstanding any other provision of this
      Agreement, for purposes of the giving or withholding of consents pursuant to
      this Section 11.01, Certificates registered in the name of the Depositor or
      the
      Servicer or any Affiliate thereof shall be entitled to Voting Rights with
      respect to matters affecting such Certificates.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel to the effect that such amendment (i) will not result in the imposition
      of any tax on any Trust REMIC pursuant to the REMIC Provisions or cause any
      Trust REMIC to fail to qualify as a REMIC at any time that any Certificates
      are
      outstanding and (ii) is authorized or permitted hereunder.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 11.01 shall
      be borne by the Person seeking the related amendment, but in no event shall
      such
      Opinion of Counsel be an expense of the Trustee.

     

    The
      Trustee may, but shall not be obligated to enter into any amendment pursuant
      to
      this Section that affects its rights, duties and immunities under this Agreement
      or otherwise.

     

    
      	SECTION
              11.02.  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Certificateholders, but only upon direction of the Certificateholders
      accompanied by an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the
      Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    
      	SECTION
              11.03.  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as expressly provided
      for
      herein) or in any manner otherwise control the operation and management of
      the
      Trust Fund, or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of any of the Certificates, be construed
      so
      as to constitute the Certificateholders from time to time as partners or members
      of an association; nor shall any Certificateholder be under any liability to
      any
      third person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatsoever by virtue of any provision of
      this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, or to enforce any right under this Agreement, except
      in the manner herein provided and for the equal, ratable and common benefit
      of
      all Certificateholders. For the protection and enforcement of the provisions
      of
      this Section, each and every Certificateholder, the Trustee shall be entitled
      to
      such relief as can be given either at law or in equity.

     

    
      	SECTION
              11.04.  	
              Governing
                Law.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, without regard to the conflicts of laws provisions thereof, and the
      obligations, rights and remedies of the parties hereunder shall be determined
      in
      accordance with such laws, without regard to the conflicts of laws provisions
      thereof.

     

    
      	SECTION
              11.05.  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if personally delivered at or
      mailed by first class mail, postage prepaid, or by express delivery service
      or
      delivered in any other manner specified herein, to (a) in the case of the
      Depositor, 3232 Newmark Drive, Miamisburg, OH 45342, Attention: [__________]
      (telecopy number [__________]), or such other address or telecopy number as
      may
      hereafter be furnished to the Servicer and the Trustee in writing by the
      Depositor, (b) in the case of the Servicer, 3232 Newmark Drive, Miamisburg,
      OH
      45342, Attention: [__________] (telecopy number [__________]), or such other
      address or telecopy number as may hereafter be furnished to the Trustee and
      the
      Depositor in writing by the Servicer and (c) in the case of the Trustee, [NAME
      OF TRUSTEE], [__________],[__________][__________], Attention: Trustee (telecopy
      number: [__________]), or such other address or telecopy number as may hereafter
      be furnished to the Servicer, the and the Depositor in writing by the Trustee.
      Any notice required or permitted to be given to a Certificateholder shall be
      given by first class mail, postage prepaid, at the address of such Holder as
      shown in the Certificate Register. Any notice so mailed within the time
      prescribed in this Agreement shall be conclusively presumed to have been duly
      given when mailed, whether or not the Certificateholder receives such notice.
      A
      copy of any notice required to be telecopied hereunder also shall be mailed
      to
      the appropriate party in the manner set forth above.

     

    
      	SECTION
              11.06.  	
              Severability
                of Provisions.

            

    

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    
      	SECTION
              11.07.  	
              Notice
                to Rating Agencies.

            

    

     

    The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies with respect to each of the following of which it has actual
      knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

    2. The
      occurrence of any Servicer Event of Default that has not been cured or
      waived;

     

    3. The
      resignation or termination of the Servicer or the Trustee;

     

    4. The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03;

     

    5. The
      final
      payment to the Holders of any Class of Certificates;

     

    6. Any
      change in the location of the Collection Account or the Distribution Account;
      and

     

    7. Any
      event
      that would result in the inability of the Trustee, as successor servicer, to
      make advances regarding delinquent Mortgage Loans.

     

    In
      addition, the Trustee shall make available to each Rating Agency copies of
      each
      report to Certificateholders described in Section 4.02 and the Servicer shall
      promptly furnish to each Rating Agency copies of the following:

     

    i.  Each
      annual statement as to compliance described in Section 3.20; and

     

    ii.  Each
      annual independent public accountants’ servicing report described in Section
      3.21.

     

    Any
      such
      notice pursuant to this Section 11.07 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service to Fitch Ratings, One State
      Street Plaza, New, York, New York 10004, facsimile number: (212) 344-1986 and
      to
      Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies,
      Inc., 55 Water Street, New York, New York 10007 or such other addresses as
      the
      Rating Agencies may designate in writing to the parties hereto.

     

    
      	SECTION
              11.08.  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.09.  	
              Grant
                of Security Interest.

            

    

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee, be, and be construed as, a sale of the Mortgage
      Loans by the Depositor and not a pledge of the Mortgage Loans to secure a debt
      or other obligation of the Depositor. However, in the event that,
      notwithstanding the aforementioned intent of the parties, the Mortgage Loans
      are
      held to be property of the Depositor, then, (a) it is the express intent of
      the
      parties that such conveyance be deemed a pledge of the Mortgage Loans by the
      Depositor to the Trustee to secure a debt or other obligation of the Depositor
      and (b)(1) this Agreement shall also be deemed to be a security agreement within
      the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect
      from
      time to time in the State of New York; (2) the conveyance provided for in
      Section 2.01 hereof shall be deemed to be a grant by the Depositor to the
      Trustee of a security interest in all of the Depositor’s right, title and
      interest in and to the Mortgage Loans and all amounts payable to the holders
      of
      the Mortgage Loans in accordance with the terms thereof and all proceeds of
      the
      conversion, voluntary or involuntary, of the foregoing into cash, instruments,
      securities or other property, including without limitation all amounts, other
      than investment earnings, from time to time held or invested in the Collection
      Account and the Distribution Account, whether in the form of cash, instruments,
      securities or other property; (3) the obligations secured by such security
      agreement shall be deemed to be all of the Depositor’s obligations under this
      Agreement, including the obligation to provide to the Certificateholders the
      benefits of this Agreement relating to the Mortgage Loans and the Trust Fund;
      and (4) notifications to persons holding such property, and acknowledgments,
      receipts or confirmations from persons holding such property, shall be deemed
      notifications to, or acknowledgments, receipts or confirmations from, financial
      intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
      of perfecting such security interest under applicable law. Accordingly, the
      Depositor hereby grants to the Trustee a security interest in the Mortgage
      Loans
      and all other property described in clause (2) of the preceding sentence, for
      the purpose of securing to the Trustee the performance by the Depositor of
      the
      obligations described in clause (3) of the preceding sentence. Notwithstanding
      the foregoing, the parties hereto intend the conveyance pursuant to Section
      2.01
      to be a true, absolute and unconditional sale of the Mortgage Loans and assets
      constituting the Trust Fund by the Depositor to the Trustee.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicer and the Trustee have caused their
      names to be signed hereto by their respective officers thereunto duly
      authorized, in each case as of the day and year first above
      written.

     

    National
      City Mortgage Capital LLC, as Depositor

     

    By:      

    Name:
      

    Title:
      

     

    National
      City Mortgage Co., as Servicer

     

    By:_________________________________

    Name:
      

    Title:
      

     

    [NAME
      OF
      TRUSTEE], as Trustee

     

    By:_________________________________

    Name:
      

    Title:

     

    By:_________________________________

    Name:
      

    Title:
      

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    

    On
      the
    
      day of
      ______ 20__, before me, a notary public in and for said State, personally
      appeared ________________, known to me to be an _______________________ of
      National City Mortgage Capital LLC, one of the companies that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said company, and acknowledged to me that such company executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

                                       
      

    Notary
      Public

     

    [Notarial
      Seal]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of ______ 20__, before me, a notary public in and for said State,
      personally appeared _____________________, known to me to be __________________
      of National City Mortgage Co., one of the corporations that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

                                       
      

    Notary
      Public

     

    [Notarial
      Seal]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of ______ 20__, before me, a notary public in and for said State,
      personally appeared _______________, known to me to be a ______________ of
      [NAME
      OF TRUSTEE], one of the corporations that executed the within instrument, and
      also known to me to be the person who executed it on behalf of said corporation,
      and acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

                                       
      

    Notary
      Public

     

    [Notarial
      Seal]

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS A-[__] CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      

      
        	
                Series
                  [____]

              	
                Aggregate
                  Certificate Principal Balance of the Class A-[__] Certificates
                  as of the
                  Issue Date: $[________].00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $[________].00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: [___________]

              	
                Servicer:
                  [___________]

              
	 	 
	
                First
                  Distribution Date: [___________]

              	
                Trust
                  Administrator: [___________]

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  [_________]

              
	 	 
	 	
                Issue
                  Date: [___________]

              
	 	 
	 	
                CUSIP:
                  [___________]

              

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      [_________]

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN [_________],
        THE
        SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
        AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
        GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-[__] Certificates as of the
        Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-[__] Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among [_________]
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Servicer, the Trust Administrator and the Trustee,
        a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class A-[__]
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. Any
        such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange herefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      Dated:
        [_________] ___, [___]

       

      

        
          	 	
                  [___________],
                    as Trust Administrator

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Authorized
                    Officer

                

        

        

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      

        
          	 	
                  [___________],
                    as Trust Administrator

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Authorized
                    Officer

                

        

        
 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                           
                  (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

       

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address: 

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      
        The
          assignee should include the following for purposes of
          distribution:

        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    funds

                
	
                  to

                	 	
                  ,

                
	
                  for
                    the account of

                	 	
                  ,

                
	
                  account
                    number___________, or, if mailed by check, to

                	 	
                  ,

                
	
                  Applicable
                    statements should be mailed to

                	 	
                  ,

                
	 	
                  .

                
	 	 
	
                  This
                    information is provided by

                	 	
                  ,

                
	
                  the
                    assignee named above, or

                	 	
                  ,

                
	
                  as
                    its agent.

                	 	 

        

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS [__] CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
        IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES.

       

      
        	
                Series
                  [____]

              	
                Aggregate
                  Certificate Principal Balance of the Class [__] Certificates as
                  of the
                  Issue Date: $[_____].00

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $[_____].00

              
	 	 
	
                Cut-off Date and date of Pooling and
                  Servicing Agreement: [___________]

              	
                Servicer:
                  [___________]

              
	 	 
	
                First
                  Distribution Date: [___________]

              	
                Trust
                  Administrator: [___________]

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  [_________]

              
	 	 
	 	
                Issue
                  Date: [___________]

              
	 	 
	 	
                CUSIP:
                  [_____]

              

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      [_________]

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN [_________],
        THE
        SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
        AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
        GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class [__] Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        [__] Certificates in the REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among [_________]
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Servicer, the Trust Administrator and the Trustee,
        a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, the capitalized terms used herein have
        the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class [__]
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders, under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. Any
        such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange herefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using "Plan Assets" to acquire this Certificate shall be made
        except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in the REMIC and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from the REMIC
        of
        all the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans. The Agreement permits, but does not require, the party designated
        in the
        Agreement to purchase from the REMIC all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      Dated:
        [____] ___, [___]

      

      
        

          
            	 	
                    [___________],
                      as Trust Administrator

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        

          
            	 	
                    [___________],
                      as Trust Administrator

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                           
                  (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    funds

                
	
                  to

                	 	
                  ,

                
	
                  for
                    the account of

                	 	
                  ,

                
	
                  account
                    number___________, or, if mailed by check, to

                	 	
                  ,

                
	
                  Applicable
                    statements should be mailed to

                	 	
                  ,

                
	 	
                  .

                
	 	 
	
                  This
                    information is provided by

                	 	
                  ,

                
	
                  the
                    assignee named above, or

                	 	
                  ,

                
	
                  as
                    its agent.

                	 	 

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-17

       

      FORM
        OF
        CLASS CE CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      
        	
                Series:
                  [____]

              	
                Aggregate
                  Certificate Principal Balance of the Class CE Certificates as of
                  the Issue
                  Date: $[_________]

              
	 	 
	
                Pass-Through
                  Rate: Variable

              	
                Denomination:
                  $[_________]

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement:
                  [___________]

              	
                Servicer:
                  [___________]

              
	 	 
	
                First
                  Distribution Date: [___________]

              	
                Trust
                  Administrator: [___________]

              
	 	 
	
                No.
                  1

              	
                Trustee:
                  [_________]

              
	 	 
	
                Aggregate
                  Notional Amount of the Class

                CE
                  Certificates as of the Issue Date: 

                $[_________]

              	
                Issue
                  Date: [___________]

              

      

      

       

      THE
        OUTSTANDING CERTIFICATE PRINCIPAL BALANCE OR NOTIONAL AMOUNT HEREOF AT ANY
        TIME
        MAY BE LESS THAN THE AMOUNT SHOWN ABOVE AS THE INITIAL CERTIFICATE PRINCIPAL
        BALANCE OR NOTIONAL AMOUNT, AS THE CASE MAY BE, OF THIS
        CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      [_________]

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN [_________],
        THE
        SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
        AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
        GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that [____________] is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class CE Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        CE
        Certificates in REMIC II created pursuant to a Pooling and Servicing Agreement,
        dated as specified above (the “Agreement”), among [_________] (hereinafter
        called the “Depositor,” which term includes any successor entity under the
        Agreement), the Servicer, Trust Administrator and the Trustee, a summary
        of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Certificate is issued under and is subject
        to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class CE
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. Any
        such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange herefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder’s attorney duly authorized in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder’s prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
        in their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. None of the Depositor or the Trust Administrator is obligated
        to register or qualify the Class of Certificates specified on the face hereof
        under the 1933 Act or any other securities law or to take any action not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Trust Administrator, the Depositor, the Servicer and any
        Sub-Servicer against any liability that may result if the transfer is not
        so
        exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate Stated Principal Balance of the Mortgage Loans as of
        the
        Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      Dated:
        [____________]

       

      
        

          
            	 	
                    [___________],
                      as Trust Administrator

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        

          
            	 	
                    [___________],
                      as Trust Administrator

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                           (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        
          
            	
                    Distributions
                      shall be made, by wire transfer or otherwise, in immediately
                      available
                      funds

                  
	
                    to

                  	 	
                    ,

                  
	
                    for
                      the account of

                  	 	
                    ,

                  
	
                    account
                      number___________, or, if mailed by check, to

                  	 	
                    ,

                  
	
                    Applicable
                      statements should be mailed to

                  	 	
                    ,

                  
	 	
                    .

                  
	 	 
	
                    This
                      information is provided by

                  	 	
                    ,

                  
	
                    the
                      assignee named above, or

                  	 	
                    ,

                  
	
                    as
                      its agent.

                  	 	 

          

           

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      

       

      
        	
                Series:
                  [____]

              	
                Aggregate
                  Certificate Principal Balance of the Class P Certificates as of
                  the Issue
                  Date: $100.00

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement:
                  [___________]

              	
                Denomination:
                  $100.00

              
	 	 
	
                First
                  Distribution Date: [___________]

              	
                Servicer:
                  [___________]

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: [___________]

              
	 	 
	 	
                Trustee:
                  [_________]

              
	 	 
	 	
                Issue
                  Date: [___________]

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET
        BACKED PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
        primarily of a pool of conventional one- to four-family, fixed-rate and
        adjustable-rate, first lien and second lien mortgage loans (the “Mortgage
        Loans”) formed and sold by

       

      [_________]

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN [_________],
        THE
        SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
        AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
        GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that [____________] is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class P Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        P
        Certificates in REMIC II created pursuant to a Pooling and Servicing Agreement,
        dated as specified above (the “Agreement”), among [_________] (hereinafter
        called the “Depositor,” which term includes any successor entity under the
        Agreement), the Servicer and the Trustee, a summary of certain of the pertinent
        provisions of which is set forth hereafter. To the extent not defined herein,
        the capitalized terms used herein have the meanings assigned in the Agreement.
        This Certificate is issued under and is subject to the terms, provisions
        and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class P Certificates
        on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing the Percentage
        Interest specified above in the Class of Certificates to which the Certificate
        belongs.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator and the Trustee and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. Any
        such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange herefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder’s attorney duly authorized in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder’s prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
        in their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. None of the Depositor or the Trust Administrator is obligated
        to register or qualify the Class of Certificates specified on the face hereof
        under the 1933 Act or any other securities law or to take any action not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Trust Administrator, the Depositor, the Servicer and any
        Sub-Servicer against any liability that may result if the transfer is not
        so
        exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(b) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans at the time of purchase being less
        than
        10% of the aggregate Stated Principal Balance of the Mortgage Loans as of
        the
        Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trustee assumes no responsibility for their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      Dated:
        [____________]

      
         

        
          

            
              	 	
                      [___________],
                        as Trust Administrator

                    
	 	 	 
	 	
                      By:

                    	 
	 	 	
                      Authorized
                        Officer

                    

            

            

          CERTIFICATE
            OF AUTHENTICATION

          

          This
            is
            one of the Certificates referred to in the within-mentioned
            Agreement.

           

          

            
              	 	
                      [___________],
                        as Trust Administrator

                    
	 	 	 
	 	
                      By:

                    	 
	 	 	
                      Authorized
                        Officer

                    

            

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                           (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        
          
            
              	
                      Distributions
                        shall be made, by wire transfer or otherwise, in immediately
                        available
                        funds

                    
	
                      to

                    	 	
                      ,

                    
	
                      for
                        the account of

                    	 	
                      ,

                    
	
                      account
                        number___________, or, if mailed by check, to

                    	 	
                      ,

                    
	
                      Applicable
                        statements should be mailed to

                    	 	
                      ,

                    
	 	
                      .

                    
	 	 
	
                      This
                        information is provided by

                    	 	
                      ,

                    
	
                      the
                        assignee named above, or

                    	 	
                      ,

                    
	
                      as
                        its agent.

                    	 	 

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-19

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986, AS AMENDED (THE “CODE”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED
        TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN
        COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A)
        SUCH
        TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
        OR
        POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
        ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
        ANY
        ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
        THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
        ANY
        ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
        DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
        TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
        ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
        OR
        COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
        CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
        OR
        AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
        TO BE
        OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
        TO BE
        A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED
        TO,
        THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
        CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(D) OF THE
        AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
        IS
        PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

       

      
        	
                Series
                  [____]

              	
                Aggregate
                  Percentage Interest of the Class R Certificates as of the Issue
                  Date:
                  100%

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement:
                  [___________]

              	 
	 	 
	
                First
                  Distribution Date: [___________]

              	
                Servicer:
                  [___________]

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: [___________]

              
	 	 
	 	
                Trustee:
                  [_________]

              
	 	 
	 	
                Issue
                  Date: [___________]

              

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate,
        first lien mortgage loans (the “Mortgage Loans”) formed and sold by

       

      [_________]

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN [_________],
        THE
        SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
        AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
        GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that [____________] is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class R Certificates as of the Issue
        Date)
        in that certain beneficial ownership interest evidenced by all the Class
        R
        Certificates created pursuant to a Pooling and Servicing Agreement, dated
        as
        specified above (the “Agreement”), among [_________] (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement), the
        Servicer, the Trust Administrator and the Trustee, a summary of certain of
        the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class R Certificates
        on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing a Percentage Interest
        in the Class of Certificates equal to the denomination specified on the face
        hereof divided by the aggregate Certificate Principal Balance of the Class
        of
        Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator, the Trustee, and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. Any
        such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange herefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      Any
        resale, transfer or other disposition of this certificate may be made only
        in
        accordance with the provisions of section 5.02 of the agreement referred
        to
        herein.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder’s attorney duly authorized in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder’s prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
        in their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. None of the Depositor or the Trust Administrator is obligated
        to register or qualify the Class of Certificates specified on the face hereof
        under the 1933 Act or any other securities law or to take any action not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Trust Administrator, the Depositor, the Servicer and any
        Sub-Servicer against any liability that may result if the transfer is not
        so
        exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(b) of the Agreement.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R Certificates have been designated as a residual interest in REMIC
        I and
        REMIC II, (B) it will include in its income a pro rata share of the net income
        of the Trust Fund and that such income may be an “excess inclusion,” as defined
        in the Code, that, with certain exceptions, cannot be offset by other losses
        or
        benefits from any tax exemption, and (C) it expects to have the financial
        means
        to satisfy all of its tax obligations including those relating to holding
        the
        Class R Certificates. Notwithstanding the registration in the Certificate
        Register of any transfer, sale or other disposition of this Certificate to
        a
        Disqualified Organization or an agent (including a broker, nominee or middleman)
        of a Disqualified Organization, such registration shall be deemed to be of
        no
        legal force or effect whatsoever and such Person shall not be deemed to be
        a
        Certificateholder for any purpose, including, but not limited to, the receipt
        of
        distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon REMIC I or REMIC
        II.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the purchase by the holders of the Class X
        Certificates or the Servicer of all Mortgage Loans and related REO Property
        remaining in REMIC I, (ii) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan or REO Property
        remaining in REMIC I. The Agreement permits, but does not require, the party
        designated in the Agreement to purchase from REMIC I all the Mortgage Loans
        and
        all property acquired in respect of any Mortgage Loan at a price determined
        as
        provided in the Agreement. The exercise of such right will effect early
        retirement of the Certificates; however, such right to purchase is subject
        to
        the aggregate Stated Principal Balance of the Mortgage Loans at the time
        of
        purchase being less than 10% of the aggregate principal balance of the Mortgage
        Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and
        none of the Trustee, Servicer or Trust Administrator assume responsibility
        for
        their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      Dated:
        [____________]

      
        

          
            	 	
                    [___________],
                      as Trust Administrator

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

        CERTIFICATE
          OF AUTHENTICATION

        

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        

          
            	 	
                    [___________],
                      as Trust Administrator

                  
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Authorized
                      Officer

                  

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                          
                  (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

      
         

        
          
            
              
                	
                        Distributions
                          shall be made, by wire transfer or otherwise, in immediately
                          available
                          funds

                      
	
                        to

                      	 	
                        ,

                      
	
                        for
                          the account of

                      	 	
                        ,

                      
	
                        account
                          number___________, or, if mailed by check, to

                      	 	
                        ,

                      
	
                        Applicable
                          statements should be mailed to

                      	 	
                        ,

                      
	 	
                        .

                      
	 	 
	
                        This
                          information is provided by

                      	 	
                        ,

                      
	
                        the
                          assignee named above, or

                      	 	
                        ,

                      
	
                        as
                          its agent.

                      	 	 

              

            

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      EXHIBIT
        A-20

       

      FORM
        OF
        CLASS R-X CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986, AS AMENDED (THE “CODE”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED
        TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN
        COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A)
        SUCH
        TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE
        OR
        POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
        ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2)
        ANY
        ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
        THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3)
        ANY
        ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON
        DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED
        TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED
        ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
        OR
        COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
        CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
        OR
        AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED
        TO BE
        OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
        TO BE
        A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED
        TO,
        THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
        CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(D) OF THE
        AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
        IS
        PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

       

      
        	
                Series
                  [____]

              	
                Aggregate
                  Percentage Interest of the Class R-X Certificates as of the Issue
                  Date:
                  100%

              
	 	 
	
                Cut-off
                  Date and date of Pooling and Servicing Agreement:
                  [___________]

              	 
	 	 
	
                First
                  Distribution Date: [___________]

              	
                Servicer:
                  [___________]

              
	 	 
	
                No.
                  1

              	
                Trust
                  Administrator: [___________]

              
	 	 
	 	
                Trustee:
                  [_________]

              
	 	 
	 	
                Issue
                  Date: [___________]

              

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSET-BACKED
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate,
        first lien mortgage loans (the “Mortgage Loans”) formed and sold by

       

      [_________]

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN [_________],
        THE
        SERVICER, THE TRUST ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE
        AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
        GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that [____________] is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class R-X Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        R-X Certificates created pursuant to a Pooling and Servicing Agreement, dated
        as
        specified above (the “Agreement”), among [_________] (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement), the
        Servicer, the Trust Administrator and the Trustee, a summary of certain of
        the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class R-X
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail to the address of the Person
        entitled thereto, as such name and address shall appear on the Certificate
        Register. Notwithstanding the above, the final distribution on this Certificate
        will be made after due notice by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Asset-Backed Pass-Through Certificates of the Series specified on the face
        hereof (herein called the “Certificates”) and representing a Percentage Interest
        in the Class of Certificates equal to the denomination specified on the face
        hereof divided by the aggregate Certificate Principal Balance of the Class
        of
        Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Collection Account and the Distribution Account may be made from time to
        time
        for purposes other than distributions to Certificateholders, such purposes
        including reimbursement of advances made, or certain expenses incurred, with
        respect to the Mortgage Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Servicer, the Trust Administrator, the Trustee, and the rights of the
        Certificateholders under the Agreement at any time by the Depositor, the
        Servicer, the Trust Administrator and the Trustee with the consent of the
        Holders of Certificates entitled to at least 66% of the Voting Rights. Any
        such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange herefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      Any
        resale, transfer or other disposition of this certificate may be made only
        in
        accordance with the provisions of section 5.02 of the agreement referred
        to
        herein.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder’s attorney duly authorized in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder’s prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee, the Trust Administrator or the Servicer
        in their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. None of the Depositor or the Trust Administrator is obligated
        to register or qualify the Class of Certificates specified on the face hereof
        under the 1933 Act or any other securities law or to take any action not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Trust Administrator, the Depositor, the Servicer and any
        Sub-Servicer against any liability that may result if the transfer is not
        so
        exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(b) of the Agreement.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R-X Certificates have been designated as a residual interest in REMIC
        I
        and REMIC II, (B) it will include in its income a pro rata share of the net
        income of the Trust Fund and that such income may be an “excess inclusion,” as
        defined in the Code, that, with certain exceptions, cannot be offset by other
        losses or benefits from any tax exemption, and (C) it expects to have the
        financial means to satisfy all of its tax obligations including those relating
        to holding the Class R-X Certificates. Notwithstanding the registration in
        the
        Certificate Register of any transfer, sale or other disposition of this
        Certificate to a Disqualified Organization or an agent (including a broker,
        nominee or middleman) of a Disqualified Organization, such registration shall
        be
        deemed to be of no legal force or effect whatsoever and such Person shall
        not be
        deemed to be a Certificateholder for any purpose, including, but not limited
        to,
        the receipt of distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon REMIC I or REMIC
        II.

       

      No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Servicer, the Trust Administrator, the Trustee and any agent
        of
        the Depositor, the Servicer, the Trust Administrator or the Trustee may treat
        the Person in whose name this Certificate is registered as the owner hereof
        for
        all purposes, and none of the Depositor, the Servicer, the Trust Administrator,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the purchase by the holders of the Class X
        Certificates or the Servicer of all Mortgage Loans and related REO Property
        remaining in REMIC I, (ii) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan or REO Property
        remaining in REMIC I. The Agreement permits, but does not require, the party
        designated in the Agreement to purchase from REMIC I all the Mortgage Loans
        and
        all property acquired in respect of any Mortgage Loan at a price determined
        as
        provided in the Agreement. The exercise of such right will effect early
        retirement of the Certificates; however, such right to purchase is subject
        to
        the aggregate Stated Principal Balance of the Mortgage Loans at the time
        of
        purchase being less than 10% of the aggregate principal balance of the Mortgage
        Loans as of the Cut-off Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor,
        and
        none of the Trustee, Servicer or Trust Administrator assume responsibility
        for
        their correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      Dated:
        [____________]

      

        
          	 	
                  [___________],
                    as Trust Administrator

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Authorized
                    Officer

                

        

        

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      

        
          	 	
                  [___________],
                    as Trust Administrator

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Authorized
                    Officer

                

        

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - as tenants in common

              	
                UNIF
                  GIFT MIN ACT - Custodian

              
	 	 
	
                TEN
                  ENT - as tenants by the entireties

              	
                (Cust)
                  (Minor) under

                Uniform
                  Gifts to Minors Act

              
	 	 
	
                JT
                  TEN - as joint tenants with right

                if
                  survivorship and not as

                tenants
                  in common

              	
                _______________

                            
                  (State)

              

      

      

      Additional
        abbreviations may also be used though not in the above list.

       

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        	 
	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Asset-Backed Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

      I
        (we)
        further direct the Trustee to issue a new Certificate of a like Percentage
        Interest and Class to the above named assignee and deliver such Certificate
        to
        the following address:

       

      
        	 
	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        
          
            
              
                	
                        Distributions
                          shall be made, by wire transfer or otherwise, in immediately
                          available
                          funds

                      
	
                        to

                      	 	
                        ,

                      
	
                        for
                          the account of

                      	 	
                        ,

                      
	
                        account
                          number___________, or, if mailed by check, to

                      	 	
                        ,

                      
	
                        Applicable
                          statements should be mailed to

                      	 	
                        ,

                      
	 	
                        .

                      
	 	 
	
                        This
                          information is provided by

                      	 	
                        ,

                      
	
                        the
                          assignee named above, or

                      	 	
                        ,

                      
	
                        as
                          its agent.

                      	 	 

              

            

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trust
        Administrator pursuant to Section 4.07(a)(iv). If the Trust Administrator
        is
        indicated below as to any item, then the Trust Administrator is primarily
        responsible for obtaining that information. 

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trust Administrator based on information received from the
        Servicer; and b) items marked “Form 10-D report” are required to be in the Form
        10-D report but not the 4.02 statement, provided by the party indicated.
        Information under all other Items of Form 10-D is to be included in the Form
        10-D report.

      
 

      
        
          
            	
                    Form

                  	
                    Item

                  	
                    Description

                  	
                    Responsible
                      Party

                  
	
                    10-D

                  	
                    Must
                      be filed within 15 days of the Distribution Date.

                  
	
                    1

                  	
                    Distribution
                      and Pool Performance Information

                  	 
	
                    Item
                      1121(a) - Distribution and Pool Performance
                      Information

                  	 
	
                    (1)
                      Any applicable record dates, accrual dates, determination dates
                      for
                      calculating distributions and actual distribution dates for
                      the
                      distribution period.

                  	
                    4.02
                      statement

                  
	
                    (2)
                      Cash flows received and the sources thereof for distributions,
                      fees and
                      expenses.

                  	
                    4.02
                      statement

                  
	
                    (3)
                      Calculated amounts and distribution of the flow of funds for
                      the period
                      itemized by type and priority of payment, including:

                  	
                    4.02
                      statement

                  
	
                    (i)
                      Fees or expenses accrued and paid, with an identification of
                      the general
                      purpose of such fees and the party receiving such fees or
                      expenses.

                  	
                    4.02
                      statement

                  
	
                    (ii)
                      Payments accrued or paid with respect to enhancement or other
                      support
                      identified in Item 1114 of Regulation AB (such as insurance
                      premiums or
                      other enhancement maintenance fees), with an identification
                      of the general
                      purpose of such payments and the party receiving such
                      payments.

                  	
                    4.02
                      statement

                  
	
                    (iii)
                      Principal, interest and other distributions accrued and paid
                      on the
                      asset-backed securities by type and by class or series and
                      any principal
                      or interest shortfalls or carryovers.

                  	
                    4.02
                      statement

                  
	
                    (iv)
                      The amount of excess cash flow or excess spread and the disposition
                      of
                      excess cash flow.

                  	
                    4.02
                      statement

                  
	
                    (4)
                      Beginning and ending principal balances of the asset-backed
                      securities.

                  	
                    4.02
                      statement

                  
	
                    (5)
                      Interest rates applicable to the pool assets and the asset-backed
                      securities, as applicable. Consider providing interest rate
                      information
                      for pool assets in appropriate distributional groups or incremental
                      ranges.

                  	
                    4.02
                      statement

                  
	
                    (6)
                      Beginning and ending balances of transaction accounts, such
                      as reserve
                      accounts, and material account activity during the period.

                  	
                    4.02
                      statement

                  
	
                    (7)
                      Any amounts drawn on any credit enhancement or other support
                      identified in
                      Item 1114 of Regulation AB, as applicable, and the amount of
                      coverage
                      remaining under any such enhancement, if known and
                      applicable.

                  	
                    4.02
                      statement

                  
	
                    (8)
                      Number and amount of pool assets at the beginning and ending
                      of each
                      period, and updated pool composition information, such as weighted
                      average
                      coupon, weighted average life, weighted average remaining term,
                      pool
                      factors and prepayment amounts.

                  	
                    4.02
                      statement

                     

                    Updated
                      pool composition information fields to be as specified by Depositor
                      from
                      time to time

                  
	
                    (9)
                      Delinquency and loss information for the period. 

                     

                    In
                      addition, describe any material changes to the information
                      specified in
                      Item 1100(b)(5) of Regulation AB regarding the pool
                      assets.

                  	
                    4.02
                      statement.

                     

                    Form
                      10-D report: Depositor

                  
	
                    (10)
                      Information on the amount, terms and general purpose of any
                      advances made
                      or reimbursed during the period, including the general use
                      of funds
                      advanced and the general source of funds for
                      reimbursements.

                  	
                    4.02
                      statement

                  
	
                    (11)
                      Any material modifications, extensions or waivers to pool asset
                      terms,
                      fees, penalties or payments during the distribution period
                      or that have
                      cumulatively become material over time.

                  	
                    Form
                      10-D report: Trust Administrator (to
                      the extent of the Trust Administrator’s actual
                      knowledge)

                  
	
                    (12)
                      Material breaches of pool asset representations or warranties
                      or
                      transaction covenants.

                  	
                    Form
                      10-D report 

                  
	
                    (13)
                      Information on ratio, coverage or other tests used for determining
                      any
                      early amortization, liquidation or other performance trigger
                      and whether
                      the trigger was met.

                  	
                    4.02
                      statement

                  
	
                    (14)
                      Information regarding any new issuance of asset-backed securities
                      backed
                      by the same asset pool, 

                    [information
                      regarding] any pool asset changes (other than in connection
                      with a pool
                      asset converting into cash in accordance with its terms), such
                      as
                      additions or removals in connection with a prefunding or revolving
                      period
                      and pool asset substitutions and repurchases (and purchase
                      rates, if
                      applicable), and cash flows available for future purchases,
                      such as the
                      balances of any prefunding or revolving accounts, if
                      applicable.

                    Disclose
                      any material changes in the solicitation, credit-granting,
                      underwriting,
                      origination, acquisition or pool selection criteria or procedures,
                      as
                      applicable, used to originate, acquire or select the new pool
                      assets.

                  	
                    Form
                      10-D report: Depositor

                     

                    Form
                      10-D report: Depositor

                     

                     

                     

                     

                    Form
                      10-D report: Depositor

                  
	
                    Item
                      1121(b) - Pre-Funding or Revolving Period Information

                    Updated
                      pool information as required under Item 1121(b).

                  	
                    Depositor

                  
	
                    2

                  	
                    Legal
                      Proceedings

                  	 
	
                    Item
                      1117 - Legal proceedings pending against the following entities,
                      or their
                      respective property, that is material to Certificateholders,
                      including
                      proceedings known to be contemplated by governmental
                      authorities:

                    Seller

                    Depositor

                    Trustee

                    Trust
                      Administrator

                    Issuing
                      entity

                    Servicer

                    Originator
                      

                    Custodian

                  	
                     

                     

                     

                    Seller

                    Depositor

                    Trustee

                    Trust
                      Administrator

                    Depositor

                    Servicer

                    Originator

                    Custodian

                  
	
                    3

                  	
                    Sales
                      of Securities and Use of Proceeds

                  	 
	
                    Information
                      from Item 2(a) of Part II of Form 10-Q:

                     

                    With
                      respect to any sale of securities by the sponsor, depositor
                      or issuing
                      entity, that are backed by the same asset pool or are otherwise
                      issued by
                      the issuing entity, whether or not registered, provide the
                      sales and use
                      of proceeds information in Item 701 of Regulation S-K. Pricing
                      information
                      can be omitted if securities were not registered.

                  	
                     

                     

                     

                    Depositor

                  
	
                    4

                  	
                    Defaults
                      Upon Senior Securities

                  	 
	
                    Information
                      from Item 3 of Part II of Form 10-Q:

                    Report
                      the occurrence of any Event of Default (after expiration of
                      any grace
                      period and provision of any required notice)

                  	
                     

                     

                    N/A

                  
	
                    5

                  	
                    Submission
                      of Matters to a Vote of Security Holders

                  	 
	
                    Information
                      from Item 4 of Part II of Form 10-Q

                  	
                    Depositor
                      or Trust Administrator (to
                      the extent of the Trust Administrator’s actual
                      knowledge)

                  
	
                    6

                  	
                    Significant
                      Obligors of Pool Assets

                  	 
	
                    Item
                      1112(b) - Significant
                      Obligor Financial Information*

                  	
                    N/A

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Item.

                  	 
	
                    7

                  	
                    Significant
                      Enhancement Provider Information

                  	 
	
                    Item
                      1114(b)(2) - Credit Enhancement Provider Financial
                      Information*

                    Determining
                      applicable disclosure threshold

                    Obtaining
                      required financial information or effecting incorporation by
                      reference

                  	
                     

                    Depositor

                    Depositor

                  
	
                    Item
                      1115(b) - Derivative Counterparty Financial Information*

                    Determining
                      current maximum probable exposure

                    Determining
                      current significance percentage

                    Obtaining
                      required financial information or effecting incorporation by
                      reference

                  	
                     

                    Depositor

                    Trust
                      Administrator

                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Items.

                  	 
	
                    8

                  	
                    Other
                      Information

                  	 
	
                    Disclose
                      any information required to be reported on Form 8-K during
                      the period
                      covered by the Form 10-D but not reported

                  	
                    The
                      Responsible Party for the applicable Form 8-K item as indicated
                      below

                  
	
                    9

                  	
                    Exhibits

                  	 
	
                    Distribution
                      report

                  	
                    Trust
                      Administrator

                  
	
                    Exhibits
                      required by Item 601 of Regulation S-K, such as material
                      agreements

                  	
                    Depositor

                  
	
                    8-K

                  	
                    Must
                      be filed within four business days of an event reportable on
                      Form
                      8-K.

                  
	
                    1.01

                  	
                    Entry
                      into a Material Definitive Agreement

                  	 
	
                    Disclosure
                      is required regarding entry into or amendment of any definitive
                      agreement
                      that is material to the securitization, even if depositor is
                      not a party.
                      

                    Examples:
                      servicing agreement, custodial agreement.

                    Note:
                      disclosure not required as to definitive agreements that are
                      fully
                      disclosed in the prospectus

                  	
                    Depositor

                  
	
                    1.02

                  	
                    Termination
                      of a Material Definitive Agreement

                  	 
	
                    Disclosure
                      is required regarding termination of any definitive agreement
                      that is
                      material to the securitization (other than expiration in accordance
                      with
                      its terms), even if depositor is not a party. 

                    Examples:
                      servicing agreement, custodial agreement.

                  	
                    Depositor

                  
	
                    1.03

                  	
                    Bankruptcy
                      or Receivership

                  	 
	
                    Disclosure
                      is required regarding the bankruptcy or receivership with respect
                      to any
                      of the following: 

                    Sponsor
                      (Seller), Depositor, Servicer, Trust Administrator, Cap Provider,
                      Custodian

                  	
                    Trust
                      Administrator (to the extent of the Trust Administrator’s actual
                      knowledge)

                  
	
                    2.04

                  	
                    Triggering
                      Events that Accelerate or Increase a Direct Financial Obligation
                      or an
                      Obligation under an Off-Balance Sheet Arrangement

                  	 
	
                    Includes
                      an early amortization, performance trigger or other event,
                      including event
                      of default, that would materially alter the payment priority/distribution
                      of cash flows/amortization schedule.

                    Disclosure
                      will be made of events other than waterfall triggers which
                      are disclosed
                      in the 4.02 statement

                  	
                    Trust
                      Administrator (to the extent of the Trust Administrator’s actual
                      knowledge)

                  
	
                    3.03

                  	
                    Material
                      Modification to Rights of Security Holders

                  	 
	
                    Disclosure
                      is required of any material modification to documents defining
                      the rights
                      of Certificateholders, including the Pooling and Servicing
                      Agreement

                  	
                    Trust
                      Administrator

                  
	
                    5.03

                  	
                    Amendments
                      to Articles of Incorporation or Bylaws; Change in Fiscal
                      Year

                  	 
	
                    Disclosure
                      is required of any amendment “to the governing documents of the issuing
                      entity”

                  	
                    Depositor

                  
	
                    5.06

                  	
                    Change
                      in Shell Company Status

                  	 
	
                    [Not
                      applicable to ABS issuers]

                  	
                    Depositor

                  
	
                    6.01

                  	
                    ABS
                      Informational and Computational Material

                  	 
	
                    [Not
                      included in reports to be filed under Section 4.07]

                  	
                    Depositor

                  
	
                    6.02

                  	
                    Change
                      of Servicer, Trustee or Trust Administrator

                  	 
	
                    Requires
                      disclosure of any removal, replacement, substitution or addition
                      of any
                      master servicer, affiliated servicer, other servicer servicing
                      10% or more
                      of pool assets at time of report, other material servicers,
                      trust
                      administrator or trustee. Reg AB disclosure about any new servicer,
                      trust
                      administrator or trustee is also required.

                  	
                    Trust
                      Administrator or Servicer

                  
	
                    6.03

                  	
                    Change
                      in Credit Enhancement or Other External Support

                  	 
	
                    Covers
                      termination of any enhancement in manner other than by its
                      terms, the
                      addition of an enhancement, or a material change in the enhancement
                      provided. Applies to external credit enhancements as well as
                      derivatives.
                      Reg AB disclosure about any new enhancement provider is also
                      required.

                  	
                    Depositor
                      

                  
	
                    6.04

                  	
                    Failure
                      to Make a Required Distribution

                  	
                    Trust
                      Administrator

                  
	
                    6.05

                  	
                    Securities
                      Act Updating Disclosure

                  	 
	
                    If
                      any material pool characteristic differs by 5% or more at the
                      time of
                      issuance of the securities from the description in the final
                      prospectus,
                      provide updated Reg AB disclosure about the actual asset
                      pool.

                  	
                    Depositor

                  
	
                    If
                      there are any new servicers or originators required to be disclosed
                      under
                      Regulation AB as a result of the foregoing, provide the information
                      called
                      for in Items 1108 and 1110 respectively.

                  	
                    Depositor

                  
	
                    7.01

                  	
                    Regulation
                      FD Disclosure

                  	
                    Depositor

                  
	
                    8.01

                  	
                    Other
                      Events

                  	 
	
                    Any
                      event, with respect to which information is not otherwise called
                      for in
                      Form 8-K, that the registrant deems of importance to security
                      holders.

                  	
                    Depositor

                  
	
                    9.01

                  	
                    Financial
                      Statements and Exhibits

                  	
                    N/A

                  
	
                    10-K

                  	
                    Must
                      be filed within 90 days of the fiscal year end for the
                      registrant.

                  
	
                    9B

                  	
                    Other
                      Information

                  	 
	
                    Disclose
                      any information required to be reported on Form 8-K during
                      the fourth
                      quarter covered by the Form 10-K but not reported

                  	
                    Depositor

                  
	
                    15

                  	
                    Exhibits
                      and Financial Statement Schedules

                  	 
	
                    Item
                      1112(b) - Significant
                      Obligor Financial Information

                  	
                    N/A

                  
	
                    Item
                      1114(b)(2) - Credit Enhancement Provider Financial
                      Information

                    Determining
                      applicable disclosure threshold

                    Obtaining
                      required financial information or effecting incorporation by
                      reference

                  	
                     

                    Trust
                      Administrator

                    Depositor

                  
	
                    Item
                      1115(b) - Derivative Counterparty Financial Information

                    Determining
                      current maximum probable exposure

                    Determining
                      current significance percentage

                    Obtaining
                      required financial information or effecting incorporation by
                      reference

                  	
                     

                    Trust
                      Administrator

                    Trust
                      Administrator

                    Depositor

                  
	 	 
	
                    Item
                      1119 - Affiliations and relationships between the following
                      entities, or
                      their respective affiliates entered into outside the ordinary
                      course of
                      business or is on terms other than would be obtained in an
                      arm’s length
                      transaction with an unrelated third party, apart from the asset-backed
                      securities transaction, that are material to
                      Certificateholders:

                    Seller

                    Depositor

                    Trustee

                    Trust
                      Administrator

                    Issuing
                      entity

                    Servicer

                    Originator
                      

                    Custodian
                      

                    Credit
                      Enhancer/Support Provider, if any

                    Significant
                      Obligor, if any

                  	
                     

                     

                     

                    Seller

                    Depositor

                    Trustee

                    Trust
                      Administrator

                    Issuing
                      entity

                    Servicer

                    Originator
                      

                    Custodian
                      

                    Depositor

                    Depositor

                  
	
                    Item
                      1122 - Assessment of Compliance with Servicing
                      Criteria

                  	
                    Each
                      Party participating in the servicing function

                  
	
                    Item
                      1123 - Servicer Compliance Statement

                  	
                    Servicer
                      and Trust Administrator

                  

          

          

           

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          EXHIBIT
            C

           

          SERVICING
            CRITERIA TO BE ADDRESSED

          IN
            ASSESSMENT OF COMPLIANCE

          

          Definitions

          Primary
            Servicer - transaction party having borrower contact

          Master
            Servicer - aggregator of pool assets

          Trust
            Administrator - waterfall calculator (may be the Trustee, or may be the
            Master
            Servicer)

          Back-up
            Servicer - named in the transaction (in the event a Back up Servicer
            becomes the
            Primary Servicer, follow Primary Servicer obligations)

          Custodian
            - safe keeper of pool assets

          Paying
            Agent - distributor of funds to ultimate investor (Trust Administrator
            performs
            this function)

          Trustee
            -
            fiduciary of the transaction

          

          Note:
            The
            definitions above describe the essential function that the party performs,
            rather than the party’s title. So, for example, in a particular transaction, the
            trustee may perform the “paying agent” and “trust administrator” functions,
            while in another transaction, the trust administrator may perform these
            functions.

          

          Where
            there are multiple checks for criteria the attesting party will identify
            in
            their management assertion that they are attesting only to the portion
            of the
            distribution chain they are responsible for in the related transaction
            agreements.

          

          Key:

          X
            -
            obligation

           

          

            
              	
                      Reg
                        AB Reference

                    	
                      Servicing
                        Criteria

                    	
                      Primary
                        Servicer

                    	
                      Master
                        Servicer

                    	
                      Trust
                        Administrator

                    
	 	
                      General
                        Servicing Considerations

                    
	
                      1122(d)(1)(i)

                    	
                      Policies
                        and procedures are instituted to monitor any performance
                        or other triggers
                        and events of default in accordance with the transaction
                        agreements.

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(1)(ii)

                    	
                      If
                        any material servicing activities are outsourced to third
                        parties,
                        policies and procedures are instituted to monitor the third
                        party’s
                        performance and compliance with such servicing activities.
                        

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(1)(iii)

                    	
                      Any
                        requirements in the transaction agreements to maintain a
                        back-up servicer
                        for the Pool Assets are maintained. 

                    	 	 	 
	
                      1122(d)(1)(iv)

                    	
                      A
                        fidelity bond and errors and omissions policy is in effect
                        on the party
                        participating in the servicing function throughout the reporting
                        period in
                        the amount of coverage required by and otherwise in accordance
                        with the
                        terms of the transaction agreements. 

                    	
                      X

                    	
                      X

                    	 
	 	
                      Cash
                        Collection and Administration

                    	 	 	 
	
                      1122(d)(2)(i)

                    	
                      Payments
                        on pool assets are deposited into the appropriate custodial
                        bank accounts
                        and related bank clearing accounts no more than two business
                        days
                        following receipt, or such other number of days specified
                        in the
                        transaction agreements. 

                    	
                      X

                    	
                      X

                    	
                      X

                    
	
                      1122(d)(2)(ii)

                    	
                      Disbursements
                        made via wire transfer on behalf of an obligor or to an investor
                        are made
                        only by authorized personnel. 

                    	
                      X

                    	
                      X

                    	
                      X

                    
	
                      1122(d)(2)(iii)

                    	
                      Advances
                        of funds or guarantees regarding collections, cash flows
                        or distributions,
                        and any interest or other fees charged for such advances,
                        are made,
                        reviewed and approved as specified in the transaction agreements.
                        

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(2)(iv)

                    	
                      The
                        related accounts for the transaction, such as cash reserve
                        accounts or
                        accounts established as a form of over collateralization,
                        are separately
                        maintained (e.g., with respect to commingling of cash) as
                        set forth in the
                        transaction agreements. 

                    	 	 	
                      X

                    
	
                      1122(d)(2)(v)

                    	
                      Each
                        custodial account is maintained at a federally insured depository
                        institution as set forth in the transaction agreements. For
                        purposes of
                        this criterion, “federally insured depository institution” with respect to
                        a foreign financial institution means a foreign financial
                        institution that
                        meets the requirements of Rule 13k-1(b)(1) of the Securities
                        Exchange Act.
                        * 

                    	
                      X

                    	
                      X

                    	
                      X

                    
	
                      1122(d)(2)(vi)

                    	
                      Unissued
                        checks are safeguarded so as to prevent unauthorized access.
                        

                    	
                      X

                    	 	 
	
                      1122(d)(2)(vii)
                        

                    	
                      Reconciliations
                        are prepared on a monthly basis for all asset-backed securities
                        related
                        bank accounts, including custodial accounts and related bank
                        clearing
                        accounts. These reconciliations are (A) mathematically accurate;
                        (B)
                        prepared within 30 calendar days after the bank statement
                        cutoff date, or
                        such other number of days specified in the transaction agreements;
                        (C)
                        reviewed and approved by someone other than the person who
                        prepared the
                        reconciliation; and (D) contain explanations for reconciling
                        items. These
                        reconciling items are resolved within 90 calendar days of
                        their original
                        identification, or such other number of days specified in
                        the transaction
                        agreements. 

                    	
                      X

                    	
                      X

                    	
                      X

                    
	 	
                      Investor
                        Remittances and Reporting

                    	 	 	 
	
                      1122(d)(3)(i)

                    	
                      Reports
                        to investors, including those to be filed with the Commission,
                        are
                        maintained in accordance with the transaction agreements
                        and applicable
                        Commission requirements. Specifically, such reports (A) are
                        prepared in
                        accordance with timeframes and other terms set forth in the
                        transaction
                        agreements; (B) provide information calculated in accordance
                        with the
                        terms specified in the transaction agreements; (C) are filed
                        with the
                        Commission as required by its rules and regulations; and
                        (D) agree with
                        investors’ or the trustee’s records as to the total unpaid principal
                        balance and number of Pool Assets serviced by the Servicer.
                        

                    	
                      X

                    	
                      X

                    	
                      X

                    
	
                      1122(d)(3)(ii)

                    	
                      Amounts
                        due to investors are allocated and remitted in accordance
                        with timeframes,
                        distribution priority and other terms set forth in the transaction
                        agreements. 

                    	
                      X

                    	
                      X

                    	
                      X

                    
	
                      1122(d)(3)(iii)

                    	
                      Disbursements
                        made to an investor are posted within two business days to
                        the Servicer’s
                        investor records, or such other number of days specified
                        in the
                        transaction agreements. 

                    	
                      X

                    	
                      X

                    	
                      X

                    
	
                      1122(d)(3)(iv)

                    	
                      Amounts
                        remitted to investors per the investor reports agree with
                        cancelled
                        checks, or other form of payment, or custodial bank statements.
                        

                    	
                      X

                    	
                      X

                    	
                      X

                    
	 	
                      Pool
                        Asset Administration

                    	 	 	 
	
                      1122(d)(4)(i)
                        

                    	
                      Collateral
                        or security on pool assets is maintained as required by the
                        transaction
                        agreements or related pool asset documents. 

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(4)(ii)

                    	
                      Pool
                        assets and related documents are safeguarded as required
                        by the
                        transaction agreements 

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(4)(iii)

                    	
                      Any
                        additions, removals or substitutions to the asset pool are
                        made, reviewed
                        and approved in accordance with any conditions or requirements
                        in the
                        transaction agreements. 

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(4)(iv)

                    	
                      Payments
                        on pool assets, including any payoffs, made in accordance
                        with the related
                        pool asset documents are posted to the Servicer’s obligor records
                        maintained no more than two business days after receipt,
                        or such other
                        number of days specified in the transaction agreements, and
                        allocated to
                        principal, interest or other items (e.g., escrow) in accordance
                        with the
                        related pool asset documents. 

                    	
                      X

                    	 	 
	
                      1122(d)(4)(v)

                    	
                      The
                        Servicer’s records regarding the pool assets agree with the Servicer’s
                        records with respect to an obligor’s unpaid principal balance.
                        

                    	
                      X

                    	 	 
	
                      1122(d)(4)(vi)

                    	
                      Changes
                        with respect to the terms or status of an obligor's pool
                        assets (e.g.,
                        loan modifications or re-agings) are made, reviewed and approved
                        by
                        authorized personnel in accordance with the transaction agreements
                        and
                        related pool asset documents. 

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(4)(vii)

                    	
                      Loss
                        mitigation or recovery actions (e.g., forbearance plans,
                        modifications and
                        deeds in lieu of foreclosure, foreclosures and repossessions,
                        as
                        applicable) are initiated, conducted and concluded in accordance
                        with the
                        timeframes or other requirements established by the transaction
                        agreements. 

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(4)(viii)

                    	
                      Records
                        documenting collection efforts are maintained during the
                        period a pool
                        asset is delinquent in accordance with the transaction agreements.
                        Such
                        records are maintained on at least a monthly basis, or such
                        other period
                        specified in the transaction agreements, and describe the
                        entity’s
                        activities in monitoring delinquent pool assets including,
                        for example,
                        phone calls, letters and payment rescheduling plans in cases
                        where
                        delinquency is deemed temporary (e.g., illness or unemployment).
                        

                    	
                      X

                    	 	 
	
                      1122(d)(4)(ix)

                    	
                      Adjustments
                        to interest rates or rates of return for pool assets with
                        variable rates
                        are computed based on the related pool asset documents. 

                    	
                      X

                    	
                      X

                    	 
	
                      1122(d)(4)(x)

                    	
                      Regarding
                        any funds held in trust for an obligor (such as escrow accounts):
                        (A) such
                        funds are analyzed, in accordance with the obligor’s pool asset documents,
                        on at least an annual basis, or such other period specified
                        in the
                        transaction agreements; (B) interest on such funds is paid,
                        or credited,
                        to obligors in accordance with applicable pool asset documents
                        and state
                        laws; and (C) such funds are returned to the obligor within
                        30 calendar
                        days of full repayment of the related pool assets, or such
                        other number of
                        days specified in the transaction agreements. 

                    	
                      X

                    	 	 
	
                      1122(d)(4)(xi)

                    	
                      Payments
                        made on behalf of an obligor (such as tax or insurance payments)
                        are made
                        on or before the related penalty or expiration dates, as
                        indicated on the
                        appropriate bills or notices for such payments, provided
                        that such support
                        has been received by the servicer at least 30 calendar days
                        prior to these
                        dates, or such other number of days specified in the transaction
                        agreements. 

                    	
                      X

                    	 	 
	
                      1122(d)(4)(xii)

                    	
                      Any
                        late payment penalties in connection with any payment to
                        be made on behalf
                        of an obligor are paid from the Servicer’s funds and not charged to the
                        obligor, unless the late payment was due to the obligor’s error or
                        omission. 

                    	
                      X

                    	 	 
	
                      1122(d)(4)(xiii)

                    	
                      Disbursements
                        made on behalf of an obligor are posted within two business
                        days to the
                        obligor’s records maintained by the servicer, or such other number
                        of days
                        specified in the transaction agreements. 

                    	
                      X

                    	 	 
	
                      1122(d)(4)(xiv)
                        

                    	
                      Delinquencies,
                        charge-offs and uncollectible accounts are recognized and
                        recorded in
                        accordance with the transaction agreements. 

                    	 	
                      X

                    	 
	
                      1122(d)(4)(xv)

                    	
                      Any
                        external enhancement or other support, identified in Item
                        1114(a)(1)
                        through (3) or Item 1115 of Regulation AB, is maintained
                        as set forth in
                        the transaction agreements. 

                    	 	 	
                      X

                    

            

            

              

              
                * Subject
                  to clarification from the SEC.

                 

              

            

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            D

           

          FORM
            OF
            ASSIGNMENT AND RECOGNITION AGREEMENT

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            E

           

          REQUEST
            FOR RELEASE

           

          TO: [____________]

          

          Re: Pooling
            and Servicing Agreement dated as of [___________], among [_________],
            as
            Depositor, [___________] as Servicer, [___________]
            as
            Trust Administrator and [_________] as Trustee  

           

          In
            connection with the administration of the Mortgage Loans held by you
            as Trustee
            for the Owner pursuant to the above-captioned Agreement, we request the
            release,
            and hereby acknowledge receipt, of the Trustee's Mortgage File for the
            Mortgage
            Loan described below, for the reason indicated.

           

          Mortgage
            Loan Number:

          Mortgagor
            Name, Address & Zip Code:

           

          Reason
            for Requesting Documents (check one):

           

          
            	
                    ______________

                  	
                    1.

                  	
                    Mortgage
                      Paid in Full

                  
	 	 	 
	
                    ______________

                  	
                    2.

                  	
                    Foreclosure

                  
	 	 	 
	
                    ______________

                  	
                    3.

                  	
                    Substitution

                  
	 	 	 
	
                    ______________

                  	
                    4.

                  	
                    Other
                      Liquidation (Repurchases, etc.)

                  
	 	 	 
	
                    ______________

                  	
                    5.

                  	
                    Nonliquidation

                  

          

          

           

          Reason:______________________________________________

           

          Address
            to which Trustee should

          Deliver
            the Custodian's Mortgage File:

           

          [____________]

          [____________]

           

          

          
            	 	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	 	
                    Title:

                  
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	
                    Issuer:

                  	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	
                    Address:

                  	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	
                    Date:

                  	 	 	 	 

          

          

           

          Trustee

           

           

          [_________]

           

           

          Please
            acknowledge the execution of the above request by your signature and
            date
            below:

           

          
            	
                     

                  	 	 	 
	
                    Signature

                  	 	
                    Date

                  	
                     

                  
	 	 	 	 
	
                    Documents
                      returned to Trustee:

                  	 	 	 
	 	 	 	 
	
                     

                  	 	 	 
	
                    Trustee

                  	 	
                    Date

                  	
                     

                  

          

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          EXHIBIT
            F-1

           

          FORM
            OF
            TRANSFEROR REPRESENTATION LETTER

           

          [Date]

          

          [___________]

           

          

           

          
            	 	
                    Re:

                  	
                    [_________],
                      Asset-Backed Pass-Through Certificates,
                      Series [____], Class , representing a % Class Percentage
                      Interest

                  

          

           

          Ladies
            and Gentlemen:

           

          In
            connection with the transfer by ________________ (the “Transferor”) to
            ________________ (the “Transferee”) of the captioned mortgage pass-through
            certificates (the “Certificates”), the Transferor hereby certifies as
            follows:

           

          Neither
            the Transferor nor anyone acting on its behalf has (a) offered, pledged,
            sold,
            disposed of or otherwise transferred any Certificate, any interest in
            any
            Certificate or any other similar security to any person in any manner,
            (b) has
            solicited any offer to buy or to accept a pledge, disposition or other
            transfer
            of any Certificate, any interest in any Certificate or any other similar
            security from any person in any manner, (c) has otherwise approached
            or
            negotiated with respect to any Certificate, any interest in any Certificate
            or
            any other similar security with any person in any manner, (d) has made
            any
            general solicitation by means of general advertising or in any other
            manner, (e)
            has taken any other action, that (in the case of each of subclauses (a)
            through
            (e) above) would constitute a distribution of the Certificates under
            the
            Securities Act of 1933, as amended (the “1933 Act”), or would render the
            disposition of any Certificate a violation of Section 5 of the 1933 Act
            or any
            state securities law or would require registration or qualification pursuant
            thereto. The Transferor will not act, nor has it authorized or will it
            authorize
            any person to act, in any manner set forth in the foregoing sentence
            with
            respect to any Certificate. The Transferor will not sell or otherwise
            transfer
            any of the Certificates, except in compliance with the provisions of
            that
            certain Pooling and Servicing Agreement dated as of [___________], among
            [_________], as Depositor, [___________] as Servicer, [___________] as
            trust
            administrator and [_________] as Trustee (the “Pooling and Servicing
            Agreement”), pursuant to which Pooling and Servicing Agreement the Certificates
            were issued.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Capitalized
            terms used but not defined herein shall have the meanings assigned thereto
            in
            the Pooling and Servicing Agreement.

           

          
            	 	 	 	 	 	 	 	
                    Very
                      truly yours,

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    [Transferor]

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	
                    Title:

                  

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          FORM
            OF
            TRANSFEREE REPRESENTATION LETTER

           

          [Date]

           

          [___________]

           

          

           

          
            	 	
                    Re:

                  	
                    [_________],
                      Asset-Backed Pass-Through Certificates,
                      Class, Series [____], representing a % Percentage
                      Interest  

                  

          

           

          Ladies
            and Gentlemen:

           

          In
            connection with the purchase from ______________________ (the “Transferor”) on
            the date hereof of the captioned trust certificates (the “Certificates”),
            _______________ (the “Transferee”) hereby certifies as follows:

           

          1. The
            Transferee is a “qualified institutional buyer” as that term is defined in Rule
            144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
            completed either of the forms of certification to that effect attached
            hereto as
            Annex 1 or Annex 2. The Transferee is aware that the sale to it is being
            made in
            reliance on Rule 144A. The Transferee is acquiring the Certificates for
            its own
            account or for the account of a qualified institutional buyer, and understands
            that such Certificate may be resold, pledged or transferred only (i)
            to a person
            reasonably believed to be a qualified institutional buyer that purchases
            for its
            own account or for the account of a qualified institutional buyer to
            whom notice
            is given that the resale, pledge or transfer is being made in reliance
            on Rule
            144A, or (ii) pursuant to another exemption from registration under the
            1933
            Act.

           

          2. The
            Transferee has been furnished with all information regarding (a) the
            Certificates and distributions thereon, (b) the nature, performance and
            servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
            referred to below, and (d) any credit enhancement mechanism associated
            with the
            Certificates, that it has requested.

           

          All
            capitalized terms used but not otherwise defined herein have the respective
            meanings assigned thereto in the Pooling and Servicing Agreement dated
            as of
            [___________], among [_________], as Depositor, [___________] as Servicer,
            [___________] as trust administrator and [_________] as Trustee ,
            pursuant to which the Certificates were issued.

           

          
            	 	 	 	 	 	 	 	
                    [Transferee]

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	
                    Title:

                  

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ANNEX
            1 TO EXHIBIT F

          QUALIFIED
            INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           

          [For
            Transferees Other Than Registered Investment Companies]

           

          The
            undersigned hereby certifies as follows to [name of Transferor] (the
            “Transferor”) and [_________], as Trustee, with
            respect to the mortgage pass-through certificates
            (the
“Certificates”) described in the Transferee Certificate to which this
            certification relates and to which this certification is an Annex:

           

          
            	 	
                    1.

                  	
                    As
                      indicated below, the undersigned is the President, Chief Financial
                      Officer, Senior Vice President or other executive officer of
                      the entity
                      purchasing the Certificates (the “Transferee”).

                  
	 	
                    2.

                  	
                    In
                      connection with purchases by the Transferee, the Transferee
                      is a
                      “qualified institutional buyer” as that term is defined in Rule 144A under
                      the Securities Act of 1933 (“Rule 144A”) because (i) the Transferee owned
                      and/or invested on a discretionary basis
                      $______________________1 
                      in
                      securities (except for the excluded securities referred to
                      below) as of
                      the end of the Transferee's most recent fiscal year (such amount
                      being
                      calculated in accordance with Rule 144A) and (ii) the Transferee
                      satisfies
                      the criteria in the category marked below.

                  
	 	
                    ___

                  	
                    CORPORATION,
                      ETC. The Transferee is a corporation (other than a bank, savings
                      and loan
                      association or similar institution), Massachusetts or similar
                      business
                      trust, partnership, or any organization described in Section
                      501(c)(3) of
                      the Internal Revenue Code of 1986.

                  
	 	
                    ___

                  	
                    BANK.
                      The Transferee (a) is a national bank or banking institution
                      organized
                      under the laws of any State, territory or the District of Columbia,
                      the
                      business of which is substantially confined to banking and
                      is supervised
                      by the State or territorial banking commission or similar official
                      or is a
                      foreign bank or equivalent institution, and (b) has an audited
                      net worth
                      of at least $25,000,000 as demonstrated in its latest annual
                      financial
                      statements, a copy of which is attached hereto.

                  
	 	
                    ___

                  	
                    SAVINGS
                      AND LOAN. The Transferee (a) is a savings and loan association,
                      building
                      and loan association, cooperative bank, homestead association
                      or similar
                      institution, which is supervised and examined by a State or
                      Federal
                      authority having supervision over any such institutions or
                      is a foreign
                      savings and loan association or equivalent institution and
                      (b) has an
                      audited net worth of at least

                  
	 	
                    ___

                  	
                    BROKER-DEALER.
                      The Transferee is a dealer registered pursuant to Section 15
                      of the
                      Securities Exchange Act of 1934.

                  
	 	
                    ___

                  	
                    INSURANCE
                      COMPANY. The Transferee is an insurance company whose primary
                      and
                      predominant business activity is the writing of insurance or
                      the
                      reinsuring of risks underwritten by insurance companies and
                      which is
                      subject to supervision by the insurance commissioner or a similar
                      official
                      or agency of a State, territory or the District of
                      Columbia.

                  
	 	
                    ___

                  	
                    STATE
                      OR LOCAL PLAN. The Transferee is a plan established and maintained
                      by a
                      State, its political subdivisions, or any agency or instrumentality
                      of the
                      State or its political subdivisions, for the benefit of its
                      employees.

                  
	 	
                    ___

                  	
                    ERISA
                      PLAN. The Transferee is an employee benefit plan within the
                      meaning of
                      Title I of the Employee Retirement Income Security Act of
                      1974.

                  
	 	
                    ___

                  	
                    INVESTMENT
                      ADVISOR. The Transferee is an investment advisor registered
                      under the
                      Investment Advisers Act of 1940.

                  
	 	
                    3.

                  	
                    The
                      term “SECURITIES” as used herein DOES NOT INCLUDE (i) securities of
                      issuers that are affiliated with the Transferee, (ii) securities
                      that are
                      part of an unsold allotment to or subscription by the Transferee,
                      if the
                      Transferee is a dealer, (iii) securities issued or guaranteed
                      by the U.S.
                      or any instrumentality thereof, (iv) bank deposit notes and
                      certificates
                      of deposit, (v) loan participations, (vi) repurchase agreements,
                      (vii)
                      securities owned but subject to a repurchase agreement and
                      (viii)
                      currency, interest rate and commodity swaps.

                  
	 	
                    4.

                  	
                    For
                      purposes of determining the aggregate amount of securities
                      owned and/or
                      invested on a discretionary basis by the Transferee, the Transferee
                      used
                      the cost of such securities to the Transferee and did not include
                      any of
                      the securities referred to in the preceding paragraph. Further,
                      in
                      determining such aggregate amount, the Transferee may have
                      included
                      securities owned by subsidiaries of the Transferee, but only
                      if such
                      subsidiaries are consolidated with the Transferee in its financial
                      statements prepared in accordance with generally accepted accounting
                      principles and if the investments of such subsidiaries are
                      managed under
                      the Transferee's direction. However, such securities were not
                      included if
                      the Transferee is a majority-owned, consolidated subsidiary
                      of another
                      enterprise and the Transferee is not itself a reporting company
                      under the
                      Securities Exchange Act of 1934.

                  
	 	
                    5.

                  	
                    The
                      Transferee acknowledges that it is familiar with Rule 144A
                      and understands
                      that the Transferor and other parties related to the Certificates
                      are
                      relying and will continue to rely on the statements made herein
                      because
                      one or more sales to the Transferee may be in reliance on Rule
                      144A.

                  

          

          

          
            	
                    ___

                    Yes

                  	
                    ___

                    No

                  	
                    Will
                      the Transferee be purchasing the Certificates only for the
                      Transferee's
                      own account?

                  

          

          

          
            	 	
                    6.

                  	
                    If
                      the answer to the foregoing question is “no”, the Transferee agrees that,
                      in connection with any purchase of securities sold to the Transferee
                      for
                      the account of a third party (including any separate account)
                      in reliance
                      on Rule 144A, the Transferee will only purchase for the account
                      of a third
                      party that at the time is a “qualified institutional buyer” within the
                      meaning of Rule 144A. In addition, the Transferee agrees that
                      the
                      Transferee will not purchase securities for a third party unless
                      the
                      Transferee has obtained a current representation letter from
                      such third
                      party or taken other appropriate steps contemplated by Rule
                      144A to
                      conclude that such third party independently meets the definition
                      of
                      “qualified institutional buyer” set forth in Rule 144A.

                  
	 	
                    7.

                  	
                    The
                      Transferee will notify each of the parties to which this certification
                      is
                      made of any changes in the information and conclusions herein.
                      Until such
                      notice is given, the Transferee's purchase of the Certificates
                      will
                      constitute a reaffirmation of this certification as of the
                      date of such
                      purchase. In addition, if the Transferee is a bank or savings
                      and loan as
                      provided above, the Transferee agrees that it will furnish
                      to such parties
                      updated annual financial statements promptly after they become
                      available.

                  
	 	 	 
	 	 	 

          

          

          
            	
                    Dated:

                  	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    Print
                      Name of Transferee

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	
                    Title:

                  

          

          

          
            

            
              
                1 Transferee
                  must own and/or invest on a discretionary basis at least $100,000,000
                  in
                  securities unless Transferee is a dealer, and, in that case, Transferee
                  must own
                  and/or invest on a discretionary basis at least $10,000,000 in
                  securities.
                  $25,000,000 as demonstrated in its latest annual financial statements,
                  A COPY OF
                  WHICH IS ATTACHED HERETO.

              

            

          

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          ANNEX
            2 TO EXHIBIT F

           

          QUALIFIED
            INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           

          [For
            Transferees That Are Registered Investment Companies]

           

          The
            undersigned hereby certifies as follows to [name of Transferor] (the
            “Transferor”) and [_________], as Trustee, with respect to the mortgage pass-
            through certificates (the “Certificates”) described in the Transferee
            Certificate to which this certification relates and to which this certification
            is an Annex:

           

          1. As
            indicated below, the undersigned is the President, Chief Financial Officer
            or
            Senior Vice President of the entity purchasing the Certificates (the
            “Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
            term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
            because the Transferee is part of a Family of Investment Companies (as
            defined
            below), is such an officer of the investment adviser (the
“Adviser”).

           

          2. In
            connection with purchases by the Transferee, the Transferee is a “qualified
            institutional buyer” as defined in Rule 144A because (i) the Transferee is an
            investment company registered under the Investment Company Act of 1940,
            and (ii)
            as marked below, the Transferee alone, or the Transferee's Family of
            Investment
            Companies, owned at least $100,000,000 in securities (other than the
            excluded
            securities referred to below) as of the end of the Transferee's most
            recent
            fiscal year. For purposes of determining the amount of securities owned
            by the
            Transferee or the Transferee's Family of Investment Companies, the cost
            of such
            securities was used.

           

          ____
            The
            Transferee owned $___________________ in securities (other than the excluded
            securities referred to below) as of the end of the Transferee's most
            recent
            fiscal year (such amount being calculated in accordance with Rule
            144A).

           

          ____
            The
            Transferee is part of a Family of Investment Companies which owned in
            the
            aggregate $______________ in securities (other than the excluded securities
            referred to below) as of the end of the Transferee's most recent fiscal
            year
            (such amount being calculated in accordance with Rule 144A).

           

          3. The
            term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
            investment companies (or series thereof) that have the same investment
            adviser
            or investment advisers that are affiliated (by virtue of being majority
            owned
            subsidiaries of the same parent or because one investment adviser is
            a majority
            owned subsidiary of the other).

           

          4. The
            term
“SECURITIES” as used herein does not include (i) securities of issuers that are
            affiliated with the Transferee or are part of the Transferee's Family
            of
            Investment Companies, (ii) securities issued or guaranteed by the U.S.
            or any
            instrumentality thereof, (iii) bank deposit notes and certificates of
            deposit,
            (iv) loan participations, (v) repurchase agreements, (vi) securities
            owned but
            subject to a repurchase agreement and (vii) currency, interest rate and
            commodity swaps.

           

          5. The
            Transferee is familiar with Rule 144A and understands that the parties
            to which
            this certification is being made are relying and will continue to rely
            on the
            statements made herein because one or more sales to the Transferee will
            be in
            reliance on Rule 144A. In addition, the Transferee will only purchase
            for the
            Transferee's own account.

           

          6. The
            undersigned will notify the parties to which this certification is made
            of any
            changes in the information and conclusions herein. Until such notice,
            the
            Transferee's purchase of the Certificates will constitute a reaffirmation
            of
            this certification by the undersigned as of the date of such
            purchase.

           

          
            	 	 	 	 	 	 	 	
                    Dated:

                  	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    Print
                      Name of Transferee or Advisor

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	
                    Title:

                  
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    IF
                      AN ADVISER:

                  
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    Print
                      Name of Transferee

                  

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          FORM
            OF TRANSFEREE REPRESENTATION LETTER

           

          The
            undersigned hereby certifies on behalf of the purchaser named below (the
            “Purchaser”) as follows:

           

          
            	
                    1.

                  	
                    I
                      am an executive officer of the Purchaser.

                  
	 	 
	
                    2.

                  	
                    The
                      Purchaser is a “qualified institutional buyer”, as defined in Rule 144A,
                      (“Rule 144A”) under the Securities Act of 1933, as
                      amended.

                  
	 	 
	
                    3.

                  	
                    As
                      of the date specified below (which is not earlier than the
                      last day of the
                      Purchaser's most recent fiscal year), the amount of “securities”, computed
                      for purposes of Rule 144A, owned and invested on a discretionary
                      basis by
                      the Purchaser was in excess of
                      $100,000,000.

                  

          

          

          
            	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    Name
                      of Purchaser

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	
                    Title:

                  
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                    Date
                      of this certificate:

                  
	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                    Date
                      of information provided in paragraph
                      3

                  

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          EXHIBIT
            F-2

           

           

          FORM
            OF
            RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

           

          
            	
                    STATE
                      OF

                  	
                    )

                  	 
	 	
                    )

                  	
                    ss.:

                  
	
                    COUNTY
                      OF

                  	
                    )

                  	 

          

          

           

          The
            undersigned, being first duly sworn, deposes and says as follows:

           

          1. The
            undersigned is an officer of, the proposed Transferee of an Ownership
            Interest
            in a Residual Certificate (the “Certificate”)
            issued
            pursuant to the Pooling and Servicing Agreement dated as of [___________]
            (the
“Agreement”),
            among
            [_________], as depositor (the “Depositor”),
            [___________] as Servicer, (the “Servicer”), [___________] as trust
            administrator and [_________], as trustee (the “Trustee”).
            Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
            shall have the meanings ascribed to such terms in the Agreement. The
            Transferee
            has authorized the undersigned to make this affidavit on behalf of the
            Transferee for the benefit of the Depositor and the Trustee.

           

          2. The
            Transferee is, as of the date hereof, and will be, as of the date of
            the
            Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
            Interest in the Certificate for its own account. The Transferee has no
            knowledge
            that any such affidavit is false.

           

          3. The
            Transferee has been advised of, and understands that (i) a tax will be
            imposed on Transfers of the Certificate to Persons that are not Permitted
            Transferees; (ii) such tax will be imposed on the transferor, or, if such
            Transfer is through an agent (which includes a broker, nominee or middleman)
            for
            a Person that is not a Permitted Transferee, on the agent; and (iii) the
            Person otherwise liable for the tax shall be relieved of liability for
            the tax
            if the subsequent Transferee furnished to such Person an affidavit that
            such
            subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
            such Person does not have actual knowledge that the affidavit is
            false.

           

          4. The
            Transferee has been advised of, and understands that a tax will be imposed
            on a
“pass-through entity” holding the Certificate if at any time during the taxable
            year of the pass-through entity a Person that is not a Permitted Transferee
            is
            the record holder of an interest in such entity. The Transferee understands
            that
            such tax will not be imposed for any period with respect to which the
            record
            holder furnishes to the pass-through entity an affidavit that such record
            holder
            is a Permitted Transferee and the pass-through entity does not have actual
            knowledge that such affidavit is false. (For this purpose, a “pass-through
            entity” includes a regulated investment company, a real estate investment trust
            or common trust fund, a partnership, trust or estate, and certain cooperatives
            and, except as may be provided in Treasury Regulations, persons holding
            interests in pass-through entities as a nominee for another
            Person.)

           

          5. The
            Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
            and understands the legal consequences of the acquisition of an Ownership
            Interest in the Certificate including, without limitation, the restrictions
            on
            subsequent Transfers and the provisions regarding voiding the Transfer
            and
            mandatory sales. The Transferee expressly agrees to be bound by and to
            abide by
            the provisions of Section 5.02(d) of the Agreement and the restrictions
            noted on the face of the Certificate. The Transferee understands and
            agrees that
            any breach of any of the representations included herein shall render
            the
            Transfer to the Transferee contemplated hereby null and void.

           

          6. The
            Transferee agrees to require a Transfer Affidavit from any Person to
            whom the
            Transferee attempts to Transfer its Ownership Interest in the Certificate,
            and
            in connection with any Transfer by a Person for whom the Transferee is
            acting as
            nominee, trustee or agent, and the Transferee will not Transfer its Ownership
            Interest or cause any Ownership Interest to be Transferred to any Person
            that
            the Transferee knows is not a Permitted Transferee. In connection with
            any such
            Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
            a
            certificate substantially in the form set forth as Exhibit L to the
            Agreement (a “Transferor
            Certificate”)
            to the
            effect that such Transferee has no actual knowledge that the Person to
            which the
            Transfer is to be made is not a Permitted Transferee.

           

          7. The
            Transferee has historically paid its debts as they have come due, intends
            to pay
            its debts as they come due in the future, and understands that the taxes
            payable
            with respect to the Certificate may exceed the cash flow with respect
            thereto in
            some or all periods and intends to pay such taxes as they become due.
            The
            Transferee does not have the intention to impede the assessment or collection
            of
            any tax legally required to be paid with respect to the
            Certificate.

           

          8. The
            Transferee’s taxpayer identification number is ___________.

           

          9. The
            Transferee is a U.S. Person as defined in Code
            Section 7701(a)(30).

           

          10. The
            Transferee is aware that the Certificate may be a “noneconomic residual
            interest” within the meaning of proposed Treasury regulations promulgated
            pursuant to the Code and that the transferor of a noneconomic residual
            interest
            will remain liable for any taxes due with respect to the income on such
            residual
            interest, unless no significant purpose of the transfer was to impede
            the
            assessment or collection of tax.

           

          11. The
            Transferee will not cause income from the Certificate to be attributable
            to a
            foreign permanent establishment or fixed base, within the meaning of
            an
            applicable income tax treaty, of the Transferee or any other U.S.
            person.

           

          12. Check
            one
            of the following:

           

            The
            present value of the anticipated tax liabilities associated with holding
            the
            Certificate, as applicable, does not exceed the sum of:

           

          
            	 	
                    (i)

                  	
                    the
                      present value of any consideration given to the Transferee
                      to acquire such
                      Certificate;

                  

          

           

          
            	 	
                    (ii)

                  	
                    the
                      present value of the expected future distributions on such
                      Certificate;
                      and

                  

          

           

          
            	 	
                    (iii)

                  	
                    the
                      present value of the anticipated tax savings associated with
                      holding such
                      Certificate as the related REMIC generates
                      losses.

                  

          

           

          For
            purposes of this calculation, (i) the Transferee is assumed to pay tax
            at the
            highest rate currently specified in Section 11(b) of the Code (but the
            tax rate
            in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
            specified in Section 11(b) of the Code if the Transferee has been subject
            to the
            alternative minimum tax under Section 55 of the Code in the preceding
            two years
            and will compute its taxable income in the current taxable year using
            the
            alternative minimum tax rate) and (ii) present values are computed using
            a
            discount rate equal to the short-term Federal rate prescribed by Section
            1274(d)
            of the Code for the month of the transfer and the compounding period
            used by the
            Transferee.

           

            The
            transfer of the Certificate complies with U.S. Treasury Regulations Sections
            1.860E-1(c)(5) and (6) and, accordingly,

           

          
            	 	
                    (i)

                  	
                    the
                      Transferee is an “eligible corporation,” as defined in U.S. Treasury
                      Regulations Section 1.860E-1(c)(6)(i), as to which income from
                      the
                      Certificate will only be taxed in the United
                      States;

                  

          

           

          
            	 	
                    (ii)

                  	
                    at
                      the time of the transfer, and at the close of the Transferee’s two fiscal
                      years preceding the year of the transfer, the Transferee had
                      gross assets
                      for financial reporting purposes (excluding any obligation
                      of a person
                      related to the Transferee within the meaning of U.S. Treasury
                      Regulations
                      Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net
                      assets in
                      excess of $10 million;

                  

          

           

          
            	 	
                    (iii)

                  	
                    the
                      Transferee will transfer the Certificate only to another “eligible
                      corporation,” as defined in U.S. Treasury Regulations Section
                      1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                      of
                      Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                      of
                      the U.S. Treasury Regulations;
                      and

                  

          

           

          
            	 	
                    (iv)

                  	
                    the
                      Transferee determined the consideration paid to it to acquire
                      the
                      Certificate based on reasonable market assumptions (including,
                      but not
                      limited to, borrowing and investment rates, prepayment and
                      loss
                      assumptions, expense and reinvestment assumptions, tax rates
                      and other
                      factors specific to the Transferee) that it has determined
                      in good
                      faith.

                  

          

           

            None
            of the above.

           

          13. The
            Transferee is not an employee benefit plan that is subject to Title I
            of ERISA
            or a plan that is subject to Section 4975 of the Code or a plan subject to
            any Federal, state or local law that is substantially similar to Title
            I of
            ERISA or Section 4975 of the Code, and the Transferee is not acting on
            behalf of
            or investing plan assets of such a plan.

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          IN
            WITNESS WHEREOF, the Transferee has caused this instrument to be executed
            on its
            behalf, pursuant to authority of its Board of Directors, by its duly
            authorized
            officer and its corporate seal to be hereunto affixed, duly attested,
            this
    
            day
            of
                  ,
            20  .

           

          

          
            	 	 	 	 	 	 	 	
                    [NAME
                      OF TRANSFEREE]

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	
                    Title:

                  

          

           

           

          [Corporate
            Seal]

           

          ATTEST:

          
            	 	 

          

          [Assistant]
            Secretary

           

          Personally
            appeared before me the above-named __________, known or proved to me
            to be the
            same person who executed the foregoing instrument and to be the ___________
            of
            the Transferee, and acknowledged that he executed the same as his free
            act and
            deed and the free act and deed of the Transferee.

           

          Subscribed
            and sworn before me this     
            day
            of
        
            ,
            20  .

           

          

          
            	 	 
	 	
                    NOTARY
                      PUBLIC

                  
	 	 
	 	
                    My
                      Commission expires the __ day

                    of
                      _________, 20__

                  

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          FORM
            OF
            TRANSFEROR AFFIDAVIT

           

          
            	
                    STATE
                      OF NEW YORK

                  	
                    )

                  	 
	 	
                    )

                  	 
	
                    COUNTY
                      OF NEW YORK

                  	
                    )

                  	 

          

          

           

          __________________________,
            being duly sworn, deposes, represents and warrants as follows:

           

          1. I
            am a
            ____________________ of ____________________________ (the “Owner”), a
            corporation duly organized and existing under the laws of ______________,
            on
            behalf of whom I make this affidavit.

           

          2. The
            Owner
            is not transferring the Class R Certificates or Class R-X Certificates
            (the
“Residual Certificates”) to impede the assessment or collection of any
            tax.

           

          3. The
            Owner
            has no actual knowledge that the Person that is the proposed transferee
            (the
“Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
            any taxes owed by such proposed transferee as holder of the Residual
            Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
            for so long as the Residual Certificates remain outstanding and (iii)
            is not a
            Permitted Transferee.

           

          4. The
            Owner
            understands that the Purchaser has delivered to the Trustee a transfer
            affidavit
            and agreement in the form attached to the Pooling and Servicing Agreement
            as
            Exhibit F-2. The Owner does not know or believe that any representation
            contained therein is false.

           

          5. At
            the
            time of transfer, the Owner has conducted a reasonable investigation
            of the
            financial condition of the Purchaser as contemplated by Treasury Regulations
            Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the
            Owner has
            determined that the Purchaser has historically paid its debts as they
            became due
            and has found no significant evidence to indicate that the Purchaser
            will not
            continue to pay its debts as they become due in the future. The Owner
            understands that the transfer of a Residual Certificate may not be respected
            for
            United States income tax purposes (and the Owner may continue to be liable
            for
            United States income taxes associated therewith) unless the Owner has
            conducted
            such an investigation.

           

          6. Capitalized
            terms not otherwise defined herein shall have the meanings ascribed to
            them in
            the Pooling and Servicing Agreement.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the Owner has caused this instrument to be executed
            on its
            behalf, pursuant to the authority of its Board of Directors, by its [Vice]
            President, attested by its [Assistant] Secretary, this ____ day of ___________,
            20__.

           

          
            	 	 	 	 	 	 	 	
                    [OWNER]

                  	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	
                    Title:  [Vice]
                      President

                  

          

          

          
            	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                    ATTEST

                  	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                    By:

                  	 	 
	 	
                    Name:

                  	 
	 	
                    Title:  [Assistant]
                      Secretary

                  	 

          

          

           

          Personally
            appeared before me the above-named , known or proved to me to be the
            same person
            who executed the foregoing instrument and to be a [Vice] President of
            the Owner,
            and acknowledged to me that [he/she] executed the same as [his/her] free
            act and
            deed and the free act and deed of the Owner.

           

          Subscribed
            and sworn before me this ____ day of __________, 20___.

           

          
            	 	 
	 	
                    Notary
                      Public

                  
	 	 
	 	 
	 	
                    County
                      of _________________________

                  
	 	
                    State
                      of ___________________________

                  
	 	 
	 	
                    My
                      Commission expires:

                  

          

          

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            G

           

          FORM
            OF
            CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

           

          [Date]

           

          [___________]

           

          

           

          Re: [_________]

          Asset-Backed
            Pass-Through Certificates, Series [____], Mortgage Class 

           

          Dear
            Sirs:

           

          _______________________
            (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of National
            City Mortgage Loan Trust, Series [____], Mortgage Pass-Through Certificates,
            Class [CE] [P] [R] (the “Certificates”), issued pursuant to a Pooling and
            Servicing Agreement dated as of [___________] (the “Agreement”),
            among
            [_________], as depositor (the “Depositor”),
            [___________] as Servicer, (the “Servicer”), [___________] as trust
            administrator and [_________], as trustee (the “Trustee”).
            Capitalized terms used herein and not otherwise defined shall have the
            meanings
            assigned thereto in the Pooling and Servicing Agreement. The Transferee
            hereby
            certifies, represents and warrants to, and covenants with the Depositor,
            the
            Trustee and the Servicer that:

           

          The
            Certificates (i) are not being acquired by, and will not be transferred
            to, any
            employee benefit plan within the meaning of section 3(3) of the Employee
            Retirement Income Security Act of 1974, as amended (“ERISA”), or other
            retirement arrangement, including individual retirement accounts and
            annuities,
            Keogh plans and bank collective investment funds and insurance company
            general
            or separate accounts in which such plans, accounts or arrangements are
            invested,
            that is subject to Section 406 of ERISA or Section 4975 of the Internal
            Revenue
            Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
            acquired with “plan assets” of a Plan within the meaning of the Department of
            Labor (“DOL”) regulation, 29 C.F.R.ss.2510.3-101, and (iii) will not be
            transferred to any entity that is deemed to be investing in plan assets
            within
            the meaning of the DOL regulation at 29 C.F.R.ss. 2510.3-101.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          
            	 	 	 	 	 	 	 	
                    Very
                      truly yours,

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	 	
                    Name:

                  
	 	 	 	 	 	 	 	 	
                    Title:

                  

          

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            H-1

           

          FORM
            OF
            CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

           

          Certification

           

          I,
            [identify the certifying individual], certify that:

           

          1. I
            have
            reviewed this annual report on Form 10-K, and all reports on Form 10-D
            required
            to be filed in respect of the period covered by this report on Form 10-K
            [identify issuing entity] (i.e., the name of the specific deal to which
            this
            certification relates rather than just the name of the Depositor)] (the
            “Exchange Act periodic reports”);

           

          2. Based
            on
            my knowledge, the Exchange Act periodic reports, taken as a whole, do
            not
            contain any untrue statement of a material fact or omit to state a material
            fact
            necessary to make the statements made, in light of the circumstances
            under which
            such statements were made, not misleading with respect to the period
            covered by
            this report;

           

          3. Based
            on
            my knowledge, all of the distribution, servicing and other information
            required
            to be provided under Form 10-D for the period covered by this report
            is included
            in the Exchange Act periodic reports;

           

          4. Based
            on
            my knowledge and the servicer compliance statement(s) required in this
            report
            uinder Item 1123 of Regulation AB, and except as disclosed in Exchange
            Act
            periodic reports, the servicer(s) [has/have] fulfilled [its/their] obligations
            under the servicing agreement(s); and

           

          5. All
            of
            the reports on assessment of compliance with servicing criteria for asset-backed
            securities and their related attestation reports on assessment of compliance
            with servicing criteria for asset-backed securities required to be included
            in
            this report in accordance with Item 1122 of Regulation AB and Exchange
            Act Rules
            13a-18 and 15d-18 have been included as an exhibit to this report, except
            as
            otherwise disclosed in this report. Any material instances of noncompliance
            described in such reports have been disclosed in this report on Form
            10-K.

           

          In
            giving
            the certifications above, I have reasonably relied on information provided
            to me
            by the following unaffiliated party: [_____________].

          

          

          
            	 	 	 	 	 	 	 	
                    [___________]

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 
	 	 	 	 	 	 	 	
                    Date:

                  	 

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            H-2

           

          FORM
            CERTIFICATION TO BE

          PROVIDED
            TO DEPOSITOR BY THE TRUST ADMINISTRATOR

           

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          EXHIBIT
            H-3

           

          FORM
            CERTIFICATION TO BE

          PROVIDED
            TO DEPOSITOR BY THE SERVICER

          WITH
            RESPECT TO 

          [___________]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            I

          

          RESERVED

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            J

          

          RESERVED

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            1

           

          MORTGAGE
            LOAN SCHEDULE

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            2

           

          PREPAYMENT
            CHARGE SCHEDULEUnassociated Document

    EXHIBIT
      4.3

     

    
      

      

    

     

    

     

    NATIONAL
      CITY MORTGAGE CO., 

     

    as
      Servicer,

     

     

    and

     

     

    NATIONAL
      CITY MORTGAGE CAPITAL LLC

     

    as
      Company

     

    
      
        

      

     

    SERVICING
      AGREEMENT

     

    Dated
      as
      of _______________

     

     

      
        

      

    

     

     

    ________________Mortgage
      Loans

     

    

     

    [National
      City Mortgage Capital LLC MBN]
      Trust Series 20__-__

     

    

     

    
      

      

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      I
      DEFINITIONS 1

     

    
      	 	
              SECTION
                1.01.

            	
              Definitions.

            	
               

            

    

    
      	 	
              SECTION
                1.02.

            	
              Other
                Definitional Provisons.

            	
               

            

    

    
      	 	
              SECTION
                1.03.

            	
              Interest
                Calculations.

            	
               

            

    

     

    ARTICLE
      II
      REPRESENTATIONS AND WARRANTIES 3

     

    
      	 	
              SECTION
                2.01.

            	
              Representations
                and Warranties Regarding the Servicer.

            	
               

            

    

    
      	 	
              SECTION
                2.02.

            	
              Representations
                and Warranties of the Company.

            	
               

            

    

    
      	 	
              SECTION
                2.03.

            	
              Enforcement
                of Representations and Warranties.

            	
               

            

    

     

    ARTICLE
      III
      ADMINISTRATION AND SERVICING OF MORTGAGE LOANS 5

     

    
      	 	
              SECTION
                3.01.

            	
              The
                Servicers.

            	
               

            

    

    
      	 	
              SECTION
                3.02.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	
               

            

    

    
      	 	
              SECTION
                3.03.

            	
              Withdrawals
                From the Collection Account.

            	
               

            

    

    
      	 	
              SECTION
                3.04.

            	
              Maintenance
                of Hazard Insurance; Property Protection Expenses.

            	
               

            

    

    
      	 	
              SECTION
                3.05.

            	
              Modification
                Agreements.

            	
               

            

    

    
      	 	
              SECTION
                3.06.

            	
              Trust
                Estate; Related Documents.

            	
               

            

    

    
      	 	
              SECTION
                3.07.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
               

            

    

    
      	 	
              SECTION
                3.08.

            	
              Company
                and Indenture Trustee to Cooperate.

            	
               

            

    

    
      	 	
              SECTION
                3.09.

            	
              Servicing
                Compensation; Payment of Certain Expenses by Servicer.

            	
               

            

    

    
      	 	
              SECTION
                3.10.

            	
              Annual
                Statement as to Compliance.

            	
               

            

    

    
      	 	
              SECTION
                3.11.

            	
              ANNUAL
                SERVICING REPORT.

            	
               

            

    

    
      	 	
              SECTION
                3.12.

            	
              Access
                to Certain Documentation and Information Regarding the Mortgage
                Loans.

            	
               

            

    

    
      	 	
              SECTION
                3.13.

            	
              Maintenance
                of Certain Servicing Insurance Policies.

            	
               

            

    

    
      	 	
              SECTION
                3.14.

            	
              Information
                Required by the Internal Revenue Service Generally and Reports of
                Foreclosures and Abandonments of Mortgaged Property.

            	
               

            

    

    
      	 	
              SECTION
                3.15.

            	
              Optional
                Repurchase of Defaulted Mortgage Loans.

            	
               

            

    

     

    ARTICLE
      IV
      SERVICING CERTIFICATE 17

     

    
      	 	
              SECTION
                4.01.

            	
              Statements
                to Securityholders.

            	
               

            

    

     

    ARTICLE
      V
      DISTRIBUTION AND PAYMENT ACCOUNTS 19

     

    
      	 	
              SECTION
                5.01.

            	
              Distribution
                Account.

            	
               

            

    

    
      	 	
              SECTION
                5.02.

            	
              Payment
                Account.

            	
               

            

    

     

    ARTICLE
      VI
      THE
      SERVICER 20

     

    
      	 	
              SECTION
                6.01.

            	
              Liability
                of the Servicer.

            	
               

            

    

    
      	 	
              SECTION
                6.02.

            	
              Merger
                of Consolidation of, or Assumption of the Obligations of, the
                Servicer.

            	
               

            

    

    
      	 	
              SECTION
                6.03.

            	
              Limitation
                on Liability of the Servicer and Others.

            	
               

            

    

    
      	 	
              SECTION
                6.04.

            	
              Servicer
                Not to Resign.

            	
               

            

    

    
      	 	
              SECTION
                6.05.

            	
              Delegation
                of Duties.

            	
               

            

    

    
      	 	
              SECTION
                6.06.

            	
              Servicer
                to Pay Indenture Trustee’s and Owner Trustee’s Fees and Expenses;
                Indemnification.

            	
               

            

    

     

    ARTICLE
      VII
      DEFAULT 23

     

    
      	 	
              SECTION
                7.01.

            	
              Servicing
                Default.

            	
               

            

    

    
      	 	
              SECTION
                7.02.

            	
              Indenture
                Trustee to Act; Appointment of Successor.

            	
               

            

    

    
      	 	
              SECTION
                7.03.

            	
              Notification
                to Securityholders.

            	
               

            

    

     

    ARTICLE
      VIII
      MISCELLANEOUS PROVISIONS 27

     

    
      	 	
              SECTION
                8.01.

            	
              Amendment.

            	
               

            

    

    
      	 	
              SECTION
                8.02.

            	
              GOVERNING
                LAW.

            	
               

            

    

    
      	 	
              SECTION
                8.03.

            	
              Notices.

            	
               

            

    

    
      	 	
              SECTION
                8.04.

            	
              Severability
                of Provisions.

            	
               

            

    

    
      	 	
              SECTION
                8.05.

            	
              Third-Party
                Beneficiaries.

            	
               

            

    

    
      	 	
              SECTION
                8.06.

            	
              Counterparts.

            	
               

            

    

    
      	 	
              SECTION
                8.07.

            	
              Effect
                of Headings and Table of Contents.

            	
               

            

    

    
      	 	
              SECTION
                8.08.

            	
              Termination
                Upon Purchase by the Servicer or Liquidation of All Mortgage
                Loans.

            	
               

            

    

    
      	 	
              SECTION
                8.09.

            	
              Certain
                Matters Affecting the Indenture Trustee.

            	
               

            

    

    
      	 	
              SECTION
                8.10.

            	
              Authority
                of the Administrator.

            	
               

            

    

    

    Schedule
      1 - Mortgage Insurance Component Schedule1

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    This
      Servicing Agreement, dated as of _______________, between NATIONAL CITY MORTGAGE
      CO., as Servicer (the “Servicer”) and NATIONAL
      CITY MORTGAGE CAPITAL LLC,
      as
      Company (the “Company”).

     

    

     

    W
      I T N E
      S S E T H

     

    T
      H A
      T:

     

    WHEREAS,
      National
      City Mortgage Capital LLC will
      create [National
      City Mortgage Capital LLC MBN]
      Trust Series 20__-__, an owner trust (the “Issuer”) under Delaware law, and will
      transfer the Mortgage Loans and all of its rights under the Mortgage Loan
      Purchase Agreement to the Issuer,;

     

    WHEREAS,
      pursuant to the terms of a Trust Agreement dated as of _______________ (the
      “Owner Trust Agreement”) between the Company, as depositor, and
      ______________________, as owner trustee (the “Owner Trustee”), the Company will
      sell the Mortgage Collateral to Issuer in exchange for the cash proceeds of
      the
      Securities;

     

    WHEREAS,
      pursuant to the terms of the Trust Agreement between the Depositor and the
      Owner
      Trustee, the Issuer will issue and transfer to or at the direction of the
      Depositor, the Mortgage-Backed Certificates, Series 20__-__ (the
“Certificates”);

     

    WHEREAS,
      pursuant to the terms of an Indenture dated as of _______________ (the
“Indenture”) between the Issuer and the Indenture Trustee, the Issuer will issue
      and transfer to or at the direction of the Purchaser the Mortgage-Backed Notes,
      Series 20__-__ (the “Notes”), consisting of the Notes and secured by the
      Mortgage Collateral;

     

    WHEREAS,
      pursuant to the terms of the Mortgage Loan Purchase Agreement, the Company
      will
      acquire the Initial Loans; and

     

    WHEREAS,
      pursuant to the terms of this Servicing Agreement, the Servicer will service
      the
      Mortgage Loans directly or through one or more Subservicers;

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained, the
      parties hereto agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    SECTION
      1.01. Definitions.

     

    For
      all
      purposes of this Servicing Agreement, except as otherwise expressly provided
      herein or unless the context otherwise requires, capitalized terms not otherwise
      defined herein shall have the meanings assigned to such terms in the Definitions
      contained in Appendix A to the Indenture which is incorporated by reference
      herein. All other capitalized terms used herein shall have the meanings
      specified herein.

     

    SECTION
      1.02. Other
      Definitional Provisons.

     

    (a) All
      terms
      defined in this Servicing Agreement shall have the defined meanings when used
      in
      any certificate or other document made or delivered pursuant hereto unless
      otherwise defined therein.

     

    (b) As
      used
      in this Servicing Agreement and in any certificate or other document made or
      delivered pursuant hereto or thereto, accounting terms not defined in this
      Servicing Agreement or in any such certificate or other document, and accounting
      terms partly defined in this Servicing Agreement or in any such certificate
      or
      other document, to the extent not defined, shall have the respective meanings
      given to them under generally accepted accounting principles. To the extent
      that
      the definitions of accounting terms in this Servicing Agreement or in any such
      certificate or other document are inconsistent with the meanings of such terms
      under generally accepted accounting principles, the definitions contained in
      this Servicing Agreement or in any such certificate or other document shall
      control.

     

    (c) The
      words
“hereof,” “herein,” “hereunder” and words of similar import when used in this
      Servicing Agreement shall refer to this Servicing Agreement as a whole and
      not
      to any particular provision of this Servicing Agreement; Section and Exhibit
      references contained in this Servicing Agreement are references to Sections
      and
      Exhibits in or to this Servicing Agreement unless otherwise specified; and
      the
      term “including” shall mean “including without limitation”.

     

    (d) The
      definitions contained in this Servicing Agreement are applicable to the singular
      as well as the plural forms of such terms and to the masculine as well as the
      feminine and neuter genders of such terms.

     

    (e) Any
      agreement, instrument or statute defined or referred to herein or in any
      instrument or certificate delivered in connection herewith means such agreement,
      instrument or statute as from time to time amended, modified or supplemented
      and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein; references to a Person
      are also to its permitted successors and assigns.

     

    SECTION
      1.03. Interest
      Calculations.

     

    All
      calculations of interest hereunder that are made in respect of the Principal
      Balance of a Mortgage Loan shall be made on a daily basis using a 365- day
      year.
      All calculations of interest on the Securities shall be made on the basis of
      the
      actual number of days in an Interest Period and a year assumed to consist of
      360
      days. The calculation of the Servicing Fee shall be made on the basis of a
      360-day year consisting of twelve 30-day months. All dollar amounts calculated
      hereunder shall be rounded to the nearest penny with one-half of one penny
      being
      rounded down.

     

    ARTICLE
      II

     

    REPRESENTATIONS
      AND WARRANTIES

     

    SECTION
      2.01. Representations
      and Warranties Regarding the Servicer.

     

    The
      Servicer represents and warrants to Company, the Issuer and for the benefit
      of
      the Indenture Trustee, as pledgee of the Mortgage Collateral, and the
      Securityholders, as of the Cut-Off Date, [the date of the Servicing Agreement],
      the Closing Date [and any Deposit Date], that:

     

    (i) The
      Servicer is a corporation duly organized, validly existing and in good standing
      under the laws of the State of [_______] and has the corporate power to own
      its
      assets and to transact the business in which it is currently engaged. The
      Servicer is duly qualified to do business as a foreign corporation and is in
      good standing in each jurisdiction in which the character of the business
      transacted by it or properties owned or leased by it requires such qualification
      and in which the failure to so qualify would have a material adverse effect
      on
      the business, properties, assets, or condition (financial or other) of the
      Servicer;

     

    (ii) The
      Servicer has the power and authority to make, execute, deliver and perform
      this
      Servicing Agreement and all of the transactions contemplated under this
      Servicing Agreement, and has taken all necessary corporate action to authorize
      the execution, delivery and performance of this Servicing Agreement. When
      executed and delivered, this Servicing Agreement will constitute the legal,
      valid and binding obligation of the Servicer enforceable in accordance with
      its
      terms, except as enforcement of such terms may be limited by bankruptcy,
      insolvency or similar laws affecting the enforcement of creditors’ rights
      generally and by the availability of equitable remedies;

     

    (iii) The
      Servicer is not required to obtain the consent of any other Person or any
      consent, license, approval or authorization from, or registration or declaration
      with, any governmental authority, bureau or agency in connection with the
      execution, delivery, performance, validity or enforceability of this Servicing
      Agreement, except for such consent, license, approval or authorization, or
      registration or declaration, as shall have been obtained or filed, as the case
      may be;

     

    (iv) The
      execution and delivery of this Servicing Agreement and the performance of the
      transactions contemplated hereby by the Servicer will not violate any provision
      of any existing law or regulation or any order or decree of any court applicable
      to the Servicer or any provision of the Certificate of Incorporation or Bylaws
      of the Servicer, or constitute a material breach of any mortgage, indenture,
      contract or other agreement to which the Servicer is a party or by which the
      Servicer may be bound; and

     

    (v) No
      litigation or administrative proceeding of or before any court, tribunal or
      governmental body is currently pending, or to the knowledge of the Servicer
      threatened, against the Servicer or any of its properties or with respect to
      this Servicing Agreement or the Notes or the Certificates which in the opinion
      of the Servicer has a reasonable likelihood of resulting in a material adverse
      effect on the transactions contemplated by this Servicing Agreement. The
      foregoing representations and warranties shall survive any termination of the
      Servicer hereunder.

     

    SECTION
      2.02. Representations
      and Warranties of the Company.

     

    The
      Company hereby represents and warrants to the Servicer for the benefit of the
      Indenture Trustee, as pledgee of the Mortgage Collateral, and the
      Securityholders, as of the Cut-Off Date, the Closing Date and any Deposit Date,
      that:

     

    (i) The
      Company is a limited liability company in good standing under the laws of the
      State of Delaware;

     

    (ii) The
      Company has full power, authority and legal right to execute and deliver this
      Servicing Agreement and to perform its obligations under this Servicing
      Agreement, and has taken all necessary action to authorize the execution,
      delivery and performance by it of this Servicing Agreement; and

     

    (iii) The
      execution and delivery by the Company of this Servicing Agreement and the
      performance by the Company of its obligations under this Servicing Agreement
      will not violate any provision of any law or regulation governing the Company
      or
      any order, writ, judgment or decree of any court, arbitrator or governmental
      authority or agency applicable to the Company or any of its assets. Such
      execution, delivery, authentication and performance will not require the
      authorization, consent or approval of, the giving of notice to, the filing
      or
      registration with, or the taking of any other action with respect to, any
      governmental authority or agency regulating the activities of limited liability
      companies. Such execution, delivery, authentication and performance will not
      conflict with, or result in a breach or violation of, any mortgage, deed of
      trust, lease or other agreement or instrument to which the Company is
      bound.

     

    SECTION
      2.03. Enforcement
      of Representations and Warranties.

     

    The
      Servicer, on behalf of and subject to the direction of the Indenture Trustee,
      as
      pledgee of the Mortgage Collateral, or the Credit Enhancer, shall enforce the
      representations and warranties of the Seller pursuant to the Mortgage Loan
      Purchase Agreement. Upon the discovery by the Seller, the Servicer, the
      Indenture Trustee, the Credit Enhancer, the Company or any Custodian of a breach
      of any of the representations and warranties made in the Mortgage Loan Purchase
      Agreement, in respect of any Mortgage Loan which materially and adversely
      affects the interests of the Securityholders or the Credit Enhancer, the party
      discovering such breach shall give prompt written notice to the other parties
      (any Custodian being so obligated under a Custodial Agreement). The Servicer
      shall promptly notify the Seller of such breach and request that, pursuant
      to
      the terms of the Mortgage Loan Purchase Agreement, the Seller either (i) cure
      such breach in all material respects within 45 days (with respect to a breach
      of
      the representations and warranties contained in Section 3.1(a) of the Mortgage
      Loan Purchase Agreement) or 90 days (with respect to a breach of the
      representations and warranties contained in Section 3.1(b) of the Mortgage
      Loan
      Purchase Agreement) from the date the Seller was notified of such breach or
      (ii)
      purchase such Mortgage Loan from the Company at the price and in the manner
      set
      forth in Section 3.1(b) of the Mortgage Loan Purchase Agreement; PROVIDED that
      the Seller shall, subject to the conditions set forth in the Mortgage Loan
      Purchase Agreement, have the option to substitute an Eligible Substitute
      Mortgage Loan or Loans for such Mortgage Loan. In the event that the Seller
      elects to substitute one or more Eligible Substitute Mortgage Loans pursuant
      to
      Section 3.1(b) of the Mortgage Loan Purchase Agreement, the Seller shall deliver
      to the Company with respect to such Eligible Substitute Mortgage Loans, the
      original Mortgage Note, the Mortgage, and such other documents and agreements
      as
      are required by the Mortgage Loan Purchase Agreement. No substitution will
      be
      made in any calendar month after the Determination Date for such month. Payments
      due with respect to Eligible Substitute Mortgage Loans in the month of
      substitution shall not be transferred to the Company and will be retained by
      the
      Servicer and remitted by the Servicer to the Seller on the next succeeding
      Payment Date provided a payment has been received by the Company for such month
      in respect of the Mortgage Loan to be removed. The Servicer shall amend or
      cause
      to be amended the Mortgage Loan Schedule to reflect the removal of such Mortgage
      Loan and the substitution of the Eligible Substitute Mortgage Loans and the
      Servicer shall promptly deliver the amended Mortgage Loan Schedule to the Owner
      Trustee and Indenture Trustee.

     

    It
      is
      understood and agreed that the obligation of the Seller to cure such breach
      or
      purchase or substitute for such Mortgage Loan as to which such a breach has
      occurred and is continuing shall constitute the sole remedy respecting such
      breach available to the Company and the Indenture Trustee, as pledgee of the
      Mortgage Collateral, against the Seller. In connection with the purchase of
      or
      substitution for any such Mortgage Loan by the Seller, the Company shall assign
      to the Seller all of the right, title and interest in respect of the Mortgage
      Loan Purchase Agreement applicable to such Mortgage Loan. Upon receipt of the
      Repurchase Price, or upon completion of such substitution, the applicable
      Custodian shall deliver the Mortgage Files to the Servicer, together with all
      relevant endorsements and assignments.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

     

    SECTION
      3.01. The
      Servicers.

     

    (a) The
      Servicer shall service and administer the Mortgage Loans in the same manner
      as
      would prudent institutional mortgage lenders servicing comparable mortgage
      loans
      for their own account in the jurisdictions where the related Mortgaged
      Properties are located and in a manner consistent with the terms of this
      Servicing Agreement and which shall be normal and usual in its general mortgage
      servicing activities and shall have full power and authority, acting alone
      or
      through a subservicer, to do any and all things in connection with such
      servicing and administration which it may deem necessary or desirable, it being
      understood, how ever, that the Servicer shall at all times remain responsible
      to
      the Company, the Indenture Trustee, as pledgee of the Mortgage Collateral,
      and
      the Securityholders for the performance of its duties and obligations hereunder
      in accordance with the terms hereof and the servicing standard set forth above.
      Without limiting the generality of the foregoing, the Servicer shall continue,
      and is hereby authorized and empowered by the Company and the Indenture Trustee,
      as pledgee of the Mortgage Collateral, to execute and deliver, on behalf of
      itself, the Company, the Securityholders and the Indenture Trustee or any of
      them, any and all instruments of satisfaction or cancellation, or of partial
      or
      full release or discharge and all other comparable instruments with respect
      to
      the Mortgage Loans and with respect to the Mortgaged Properties. The Company,
      the Indenture Trustee and the Custodian, as applicable, shall furnish the
      Servicer with any powers of attorney and other documents necessary or
      appropriate to enable the Servicer to carry out its servicing and administrative
      duties hereunder. On the Closing Date, the Company shall deliver to the Servicer
      a power of attorney substantially in the form of Exhibit B hereto.

     

    If
      the
      Mortgage relating to a Mortgage Loan did not have a lien senior on the related
      Mortgaged Property as of the Cut-Off Date, then the Servicer, in such capacity,
      may not consent to the placing of a lien senior to that of the Mortgage on
      the
      related Mortgaged Property. If the Mortgage relating to a Mortgage Loan had
      a
      lien senior to the Mortgage Loan on the related Mortgaged Property as of the
      Cut-Off Date, then the Servicer, in such capacity, may consent to the
      refinancing of such senior lien; provided
      that (i)
      the resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher
      than the Combined Loan-to-Value Ratio prior to such refinancing and (ii) the
      interest rate for the loan evidencing the refinanced senior lien on the date
      of
      such refinancing is no higher than the interest rate on the loan evidencing
      the
      existing senior lien immediately prior to the date of such
      refinancing.

     

    The
      relationship of the Servicer (and of any successor to the Servicer as servicer
      under this Servicing Agreement) to the Company under this Servicing Agreement
      is
      intended by the parties to be that of an independent contractor and not that
      of
      a joint venturer, partner or agent.

     

    (b) The
      Servicer has entered into Initial Subservicing Agreements with the Initial
      Subservicers for the servicing and administration of the Mortgage Loans and
      may
      enter into additional Sub servicing Agreements with Subservicers for the
      servicing and administration of certain of the Mortgage Loans. References in
      this Servicing Agreement to actions taken or to be taken by the Servicer in
      servicing the Mortgage Loans include actions taken or to be taken by a
      Subservicer on behalf of the Servicer and any amount received by such
      Subservicer in respect of a Mortgage Loan shall be deemed to have been received
      by the Servicer whether or not actually received by the Servicer. Each
      Subservicing Agreement will be upon such terms and conditions as are not
      inconsistent with this Servicing Agreement and as the Servicer and the
      Subservicer have agreed. With the approval of the Servicer, a Subservicer may
      delegate its servicing obligations to third-party servicers, but such
      Subservicers will remain obligated under the related Subservicing Agreements.
      The Servicer and the Subservicer may enter into amendments to the related
      Subservicing Agreements; provided,
      however,
      that
      any such amendments shall be consistent with and not violate the provisions
      of
      this Servicing Agreement. The Servicer shall be entitled to terminate any
      Subservicing Agreement in accordance with the terms and conditions thereof
      and
      without any limitation by virtue of this Servicing Agreement; provided,
      however,
      that in
      the event of termination of any Subservicing Agreement by the Servicer or the
      Subservicer, the Servicer shall either act as servicer of the related Mortgage
      Loan or enter into a Subservicing Agreement with a successor Subservicer which
      will be bound by the terms of the related Subservicing Agreement. The Servicer
      shall be entitled to enter into any agreement with a Subservicer for
      indemnification of the Servicer and nothing contained in this Servicing
      Agreement shall be deemed to limit or modify such indemnification.

     

    In
      the
      event that the rights, duties and obligations of the Servicer are terminated
      hereunder, any successor to the Servicer in its sole discretion may, to the
      extent permitted by applicable law, terminate the existing Subservicing
      Agreement with any Subservicer in accordance with the terms of the applicable
      Subservicing Agreement or assume the terminated Servicer’s rights and
      obligations under such subservicing arrangements which termination or assumption
      will not violate the terms of such arrangements.

     

    As
      part
      of its servicing activities hereunder, the Servicer, for the benefit of the
      Company, shall use reasonable efforts to enforce the obligations of each
      Subservicer under the related Subservicing Agreement, to the extent that the
      non-performance of any such obligation would have material and adverse effect
      on
      a Mortgage Loan. Such enforcement, including, without limitation, the legal
      prosecution of claims, termination of Subservicing Agreements and the pursuit
      of
      other appropriate remedies, shall be in such form and carried out to such an
      extent and at such time as the Servicer, in its good faith business judgment,
      would require were it the owner of the related Mortgage Loans. The Servicer
      shall pay the costs of such enforcement at its own expense, and shall be
      reimbursed therefor only (i) from a general recovery resulting from such
      enforcement to the extent, if any, that such recovery exceeds all amounts due
      in
      respect of the related Mortgage Loan or (ii) from a specific recovery of costs,
      expenses or attorneys fees against the party against whom such enforcement
      is
      directed.

     

    SECTION
      3.02. Collection
      of Certain Mortgage Loan Payments.

     

    (a) The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mort gage Loans, and shall, to the extent such
      procedures shall be consistent with this Servicing Agreement, follow such
      collection procedures as shall be normal and usual in its general mortgage
      servicing activities. Consistent with the foregoing, and without limiting the
      generality of the foregoing, the Servicer may in its discretion (i) waive any
      late payment charge, penalty interest or other fees which may be collected
      in
      the ordinary course of servicing such Mortgage Loan and (ii) arrange with a
      Mortgagor a schedule for the payment of principal and interest due and unpaid;
      provided
      such
      arrangement is consistent with the Servicer’s policies with respect to home
      equity mortgage loans; provided,
      further,
      that
      notwithstanding such arrangement such Mortgage Loans will be included in the
      information regarding delinquent Mortgage Loans set forth in the Servicing
      Certificate. The Servicer may also extend the Due Date for payment due on a
      Mortgage Loan, provided,
      however,
      that
      the Servicer shall first determine that any such waiver or extension will not
      adversely affect the lien of the related Mortgage. Consistent with the terms
      of
      this Servicing Agreement, the Servicer may also waive, modify or vary any term
      of any Mortgage Loan or consent to the postponement of strict compliance with
      any such term or in any manner grant indulgence to any Mortgagor if in the
      Servicer’s determination such waiver, modification, postponement or indulgence
      is not materially adverse to the interests of the Securityholders or the Credit
      Enhancer, provided,
      however,
      that
      the Servicer may not modify or permit any Subservicer to modify any Mortgage
      Loan (including without limitation any modification that would change the
      Mortgage Rate, forgive the payment of any principal or interest (unless in
      connection with the liquidation of the related Mortgage Loan) or extend the
      final maturity date of such Mortgage Loan) unless such Mortgage Loan is in
      default or, in the judgment of the Servicer, such default is reasonably
      foreseeable.

     

    (b) The
      Servicer shall establish an account (the “Collection Account”) in which the
      Servicer shall deposit or cause to be deposited any amounts representing
      payments on and any collections in respect of the Mortgage Loans received by
      it
      subsequent to the Cut-Off Date as to any Initial Loan or the related Deposit
      Date as to any Additional Loan (other than in respect of the payments referred
      to in the following paragraph) within __ Business Day[s] following receipt
      thereof (or otherwise on or prior to the Closing Date), including the following
      payments and collections received or made by it (without
      duplication):

     

    (i) all
      payments of principal of or interest on the Mortgage Loans received by the
      Servicer from the respective Subservicer, net of any portion of the interest
      thereof retained by the Subservicer as Subservicing Fees;

     

    (ii) the
      aggregate Repurchase Price of the Mortgage Loans purchased by the Servicer
      pursuant to Section 3.15;

     

    (iii) Net
      Liquidation Proceeds net of any related Foreclosure Profit;

     

    (iv) all
      proceeds of any Mortgage Loans repurchased by the Seller pursuant to the
      Mortgage Loan Purchase Agreement, and all Substitution Adjustment Amounts
      required to be deposited in connection with the substitution of an Eligible
      Substitute Mortgage Loan pursuant to the Mortgage Loan Purchase
      Agreement;

     

    (v) insurance
      proceeds, other than Net Liquidation Proceeds, resulting from any insurance
      policy maintained on a Mortgaged Property; and

     

    (vi) amounts
      required to be paid by the Servicer pursuant to Section 8.08.

     

    Provided,
      however, that with respect to each Collection Period, the Servicer shall be
      permitted to retain from payments in respect of interest on the Mortgage Loans,
      the Servicing Fee for such Collection Period. The foregoing requirements
      respecting deposits to the Collection Account are exclusive, it being understood
      that, without limiting the generality of the foregoing, the Servicer need not
      deposit in the Collection Account amounts representing Foreclosure Profits,
      fees
      (including annual fees) or late charge penalties, payable by Mortgagors, or
      amounts received by the Servicer for the accounts of Mortgagors for application
      towards the payment of taxes, insurance premiums, assessments and similar items.
      In the event any amount not required to be deposited in the Collection Account
      is so deposited, the Servicer may at any time withdraw such amount from the
      Collection Account, any provision herein to the contrary notwithstanding. The
      Collection Account may contain funds that belong to one or more trust funds
      created for the notes or certificates of other series and may contain other
      funds respecting payments on mortgage loans belonging to the Servicer or
      serviced or serviced by it on behalf of others. Notwithstanding such commingling
      of funds, the Servicer shall keep records that accurately reflect the funds
      on
      deposit in the Collection Account that have been identified by it as being
      attributable to the Mortgage Loans and shall hold all collections in the
      Collection Account to the extent they represent collections on the Mortgage
      Loans for the benefit of the Company, the Indenture Trustee, the Securityholders
      and the Credit Enhancer, as their interests may appear. The Servicer shall
      remit
      all Foreclosure Profits to itself as additional servicing
      compensation.

     

    The
      Servicer may cause the institution maintaining the Collection Account to invest
      any funds in the Collection Account in Eligible Investments (including
      obligations of the Servicer or any of its Affiliates, if such obligations
      otherwise qualify as Eligible Investments), which shall mature not later than
      the Business Day next preceding the Payment Date and shall not be sold or
      disposed of prior to its maturity. Except as provided above, all income and
      gain
      realized from any such investment shall be for the benefit of the Servicer
      and
      shall be subject to its withdrawal or order from time to time. The amount of
      any
      losses incurred in respect of the principal amount of any such investments
      shall
      be deposited in the Collection Account by the Servicer out of its own funds
      immediately as realized.

     

    (c) The
      Servicer will require each Subservicer to hold all funds constituting
      collections on the Mortgage Loans, pending remittance thereof to the Servicer,
      in one or more accounts meeting the requirements of an Eligible Account, and
      invested in Eligible Investments, unless, all such collections are remitted
      on a
      daily basis to the Servicer for deposit into the Collection
      Account.

     

    SECTION
      3.03. Withdrawals
      From the Collection Account.

     

    The
      Servicer shall, from time to time as provided herein, make withdrawals from
      the
      Collection Account of amounts on deposit therein pursuant to Section 3.02 that
      are attributable to the Mortgage Loans for the following purposes:

     

    (i) to
      deposit in the Distribution Account, on the Business Day prior to each Payment
      Date, an amount equal to the Security Collections required to be distributed
      on
      such Payment Date;

     

    (ii) to
      the
      extent deposited to the Collection Account, to reimburse itself or the related
      Subservicer for previously unreimbursed expenses incurred in maintaining
      individual insurance policies pursuant to Section 3.04, or Liquidation Expenses,
      paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms
      of
      this Servicing Agreement (to the extent not payable pursuant to Section 3.09),
      such withdrawal right being limited to amounts received on particular Mortgage
      Loans (other than any Repurchase Price in respect thereof) which represent
      late
      recoveries of the payments for which such advances were made, or from related
      Liquidation Proceeds or the proceeds of the purchase of such Mortgage
      Loan;

     

    (iii) to
      pay to
      itself out of each payment received on account of interest on a Mortgage Loan
      as
      contemplated by Section 3.09, an amount equal to the related Servicing Fee
      (to
      the extent not retained pursuant to Section 3.02), and to pay to any Subservicer
      any Subservicing Fees not previously withheld by the Subservicer;

     

    (iv) to
      the
      extent deposited in the Collection Account to pay to itself as additional
      servicing compensation any interest or investment income earned on funds
      deposited in the Collection Account and Payment Account that it is entitled
      to
      withdraw pursuant to Sections 3.02(b) and 5.01;

     

    (v) to
      the
      extent deposited in the Collection Account, to pay to itself as additional
      servicing compensation any Foreclosure Profits;

     

    (vi) to
      pay to
      itself or the Seller, with respect to any Mortgage Loan or property acquired in
      respect thereof that has been purchased or otherwise transferred to the Seller,
      the Servicer or other entity, all amounts received thereon and not required
      to
      be distributed to Securityholders as of the date on which the related Purchase
      Price or Repurchase Price is determined;

     

    (vii) to
      withdraw any other amount deposited in the Collection Account that was not
      required to be deposited therein pursuant to Section 3.02;

     

    (viii) to
      pay to
      the Seller the amount, if any, deposited in the Collection Account by the
      Indenture Trustee upon release thereof from the Funding Account representing
      payments for Additional Loans; and

     

    (ix) after
      the
      occurrence of an Amortization Event, to pay to the Seller, the Excluded
      Amount.

     

    Since,
      in
      connection with withdrawals pursuant to clauses (iii), (iv), (vi) and (vii),
      the
      Servicer’s entitlement thereto is limited to collections or other recoveries on
      the related Mortgage Loan, the Servicer shall keep and maintain separate
      accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of
      justifying any withdrawal from the Collection Account pursuant to such clauses.
      Notwithstanding any other provision of this Servicing Agreement, the Servicer
      shall be entitled to reimburse itself for any previously unreimbursed expenses
      incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the
      terms of this Servicing Agreement that the Servicer determines to be otherwise
      nonrecoverable (except with respect to any Mortgage Loan as to which the
      Repurchase Price has been paid), by withdrawal from the Collection Account
      of
      amounts on deposit therein attributable to the Mortgage Loans on any Business
      Day prior to the Payment Date succeeding the date of such
      determination.

     

    SECTION
      3.04. Maintenance
      of Hazard Insurance; Property Protection Expenses.

     

    The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      naming the Servicer or related Subservicer as loss payee thereunder providing
      extended coverage in an amount which is at least equal to the lesser of (i)
      the
      maximum insurable value of the improvements securing such Mortgage Loan from
      time to time or (ii) the combined principal balance owing on such Mortgage
      Loan
      and any mortgage loan senior to such Mortgage Loan from time to time. The
      Servicer shall also cause to be maintained on property acquired upon
      foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan, fire
      insurance with extended coverage in an amount which is at least equal to the
      amount necessary to avoid the application of any co-insurance clause contained
      in the related hazard insurance policy. Amounts collected by the Servicer under
      any such policies (other than amounts to be applied to the restoration or repair
      of the related Mortgaged Property or property thus acquired or amounts released
      to the Mortgagor in accordance with the Servicer’s normal servicing procedures)
      shall be deposited in the Collection Account to the extent called for by Section
      3.02. In cases in which any Mortgaged Property is located at any time during
      the
      life of a Mortgage Loan in a federally designated flood area, the hazard
      insurance to be maintained for the related Mortgage Loan shall include flood
      insurance (to the extent available). All such flood insurance shall be in
      amounts equal to the lesser of (i) the amount required to compensate for any
      loss or damage to the Mortgaged Property on a replacement cost basis and (ii)
      the maximum amount of such insurance available for the related Mortgaged
      Property under the national flood insurance program (assuming that the area
      in
      which such Mortgaged Property is located is participating in such program).
      The
      Servicer shall be under no obligation to require that any Mortgagor maintain
      earthquake or other additional insurance and shall be under no obligation itself
      to maintain any such additional insurance on property acquired in respect of
      a
      Mortgage Loan, other than pursuant to such applicable laws and regulations
      as
      shall at any time be in force and as shall require such additional insurance.
      If
      the Servicer shall obtain and maintain a blanket policy consistent with its
      general mortgage servicing activities insuring against hazard losses on all
      of
      the Mortgage Loans, it shall conclusively be deemed to have satisfied its
      obligations as set forth in the first sentence of this Section 3.04, it being
      understood and agreed that such policy may contain a deductible clause, in
      which
      case the Servicer shall, in the event that there shall not have been maintained
      on the related Mortgaged Property a policy complying with the first sentence
      of
      this Section 3.04 and there shall have been a loss which would have been covered
      by such policy, deposit in the Collection Account the amount not otherwise
      payable under the blanket policy because of such deductible clause. Any such
      deposit by the Servicer shall be made on the last Business Day of the Collection
      Period in the month in which payments under any such policy would have been
      deposited in the Collection Account. In connection with its activities as
      administrator and servicer of the Mortgage Loans, the Servicer agrees to
      present, on behalf of itself, the Company, the Issuer, the Indenture Trustee
      and
      the Securityholders, claims under any such blanket policy.

     

    SECTION
      3.05. Modification
      Agreements.

     

    The
      Servicer or the related Subservicer, as the case may be, shall be entitled
      to
      (A) execute assumption agreements, substitution agreements, and instruments
      of
      satisfaction or cancellation or of partial or full release or discharge, or
      any
      other document contemplated by this Servicing Agreement and other comparable
      instruments with respect to the Mortgage Loans and with respect to the Mortgaged
      Properties subject to the Mortgages (and the Company shall promptly execute
      any
      such documents on request of the Servicer) and (B) approve the granting of
      an
      easement thereon in favor of another Person, any alteration or demolition of
      the
      related Mortgaged Property or other similar matters, if it has determined,
      exercising its good faith business judgment in the same manner as it would
      if it
      were the owner of the related Mortgage Loan, that the security for, and the
      timely and full collectability of, such Mortgage Loan would not be adversely
      affected thereby. A partial release pursuant to this Section 3.05 shall be
      permitted only if the Combined Loan-to-Value Ratio for such Mortgage Loan after
      such partial release does not exceed the Combined Loan-to-Value Ratio for such
      Mortgage Loan as of the Cut-Off Date. Any fee collected by the Servicer or
      the
      related Sub servicer for processing such request will be retained by the
      Servicer or such Subservicer as additional servicing compensation.

     

    SECTION
      3.06. Trust
      Estate; Related Documents.

     

    (a) When
      required by the provisions of this Servicing Agreement, the Company shall
      execute instruments to release property from the terms of this Servicing
      Agreement, or convey the Company’s interest in the same, in a manner and under
      circumstances which are not inconsistent with the provisions of this Servicing
      Agreement. No party relying upon an instrument executed by the Company as
      provided in this Article III shall be bound to ascertain the Company’s
      authority, inquire into the satisfaction of any conditions precedent or see
      to
      the application of any moneys.

     

    (b) If
      from
      time to time the Servicer shall deliver to the Company or the related Custodian
      copies of any written assurance, assumption agreement or substitution agreement
      or other similar agreement pursuant to Section 3.05, the Company or the related
      Custodian shall check that each of such documents purports to be an original
      executed copy (or a copy of the original executed document if the original
      executed copy has been submitted for recording and has not yet been returned)
      and, if so, shall file such documents, and upon receipt of the original executed
      copy from the applicable recording office or receipt of a copy thereof certified
      by the applicable recording office shall file such originals or certified copies
      with the Related Documents. If any such documents submitted by the Servicer
      do
      not meet the above qualifications, such documents shall promptly be returned
      by
      the Company or the related Custodian to the Servicer, with a direction to the
      Servicer to forward the correct documentation.

     

    (c) Upon
      Company Request accompanied by an Officers’ Certificate of the Servicer pursuant
      to Section 3.09 of this Servicing Agreement to the effect that a Mortgage Loan
      has been the subject of a final payment or a prepayment in full and the related
      Mortgage Loan has been terminated or that substantially all Liquidation Proceeds
      which have been determined by the Servicer in its reasonable judgment to be
      finally recoverable have been recovered, and upon deposit to the Collection
      Account of such final monthly payment, prepayment in full together with accrued
      and unpaid interest to the date of such payment with respect to such Mortgage
      Loan or, if applicable, Liquidation Proceeds, the Company shall promptly release
      the Related Documents to the Servicer, along with such documents as the Servicer
      or the Mortgagor may request as contemplated by the Servicing Agreement to
      evidence satisfaction and discharge of such Mortgage Loan. If from time to
      time
      and as appropriate for the servicing or foreclosure of any Mortgage Loan, the
      Servicer requests the Company or the related Custodian to release the Related
      Documents and delivers to the Company or the related Custodian a trust receipt
      reasonably satisfactory to the Company or the related Custodian and signed
      by a
      Responsible Officer of the Servicer, the Company or the related Custodian shall
      release the Related Documents to the Servicer. If such Mortgage Loans shall
      be
      liquidated and the Company or the related Custodian receives a certificate
      from
      the Servicer as provided above, then, upon request of the Company or the related
      Custodian shall release the trust receipt to the Servicer.

     

    SECTION
      3.07. Realization
      Upon Defaulted Mortgage Loans.

     

    With
      respect to such of the Mortgage Loans as come into and continue in default,
      the
      Servicer will decide whether to foreclose upon the Mortgaged Properties securing
      such Mortgage Loans or write off the unpaid principal balance of the Mortgage
      Loans as bad debt; provided
      that if
      the Servicer has actual knowledge that any Mortgaged Property is affected by
      hazardous or toxic wastes or substances and that the acquisition of such
      Mortgaged Property would not be commercially reasonable, then the Servicer
      will
      not cause the Company to acquire title to such Mortgaged Property in a
      foreclosure or similar proceeding. In connection with such foreclosure or other
      conversion, the Servicer shall follow such practices (including, in the case
      of
      any default on a related senior mortgage loan, the advancing of funds to correct
      such default) and procedures as it shall deem necessary or advisable and as
      shall be normal and usual in its general mortgage servicing activities;
provided
      that the
      Servicer shall not be liable in any respect hereunder if the Servicer is acting
      in connection with any such foreclosure or attempted foreclosure which is not
      completed or other conversion in a manner that is consistent with the provisions
      of this Servicing Agreement. The foregoing is subject to the proviso that the
      Servicer shall not be required to expend its own funds in connection with any
      fore closure or attempted foreclosure which is not completed or towards the
      correction of any default on a related senior mortgage loan or restoration
      of
      any property unless it shall determine that such expenditure will increase
      Net
      Liquidation Proceeds. In the event of a determination by the Servicer that
      any
      such expenditure previously made pursuant to this Section 3.07 will not be
      reimbursable from Net Liquidation Proceeds, the Servicer shall be entitled
      to
      reimbursement of its funds so expended pursuant to Section 3.03.

     

    Notwithstanding
      any provision of this Servicing Agreement, a Mortgage Loan may be deemed to
      be
      finally liquidated if substantially all amounts expected by the Servicer to
      be
      received in connection with the related defaulted Mortgage Loan have been
      received; provided,
      however,
      any
      subsequent collections with respect to any such Mortgage Loan shall be deposited
      to the Collection Account. For purposes of determining the amount of any
      Liquidation Proceeds or Insurance Proceeds, or other unscheduled collections,
      the Servicer may take into account minimal amounts of additional receipts
      expected to be received or any estimated additional liquidation expenses
      expected to be incurred in connection with the related defaulted Mortgage
      Loan.

     

    In
      the
      event that title to any Mortgaged Property is acquired in foreclosure or by
      deed
      in lieu of foreclosure, the deed or certificate of sale shall be issued to
      the
      Company and the Indenture Trustee as their interests may appear, or to their
      respective nominee on behalf of Securityholders. Notwithstanding any such
      acquisition of title and cancellation of the related Mortgage Loan, such
      Mortgaged Property shall (except as otherwise expressly provided herein) be
      considered to be an outstanding Mortgage Loan held as an asset of the Company
      until such time as such property shall be sold. Consistent with the foregoing
      for purposes of all calculations hereunder, so long as such Mortgaged Property
      shall be considered to be an outstanding Mortgage Loan it shall be assumed
      that,
      notwithstanding that the indebtedness evidenced by the related Mortgage Note
      shall have been discharged, such Mortgage Note in effect at the time of any
      such
      acquisition of title before any adjustment thereto by reason of any bankruptcy
      or similar proceeding or any moratorium or similar waiver or grace period will
      remain in effect.

     

    Any
      proceeds from foreclosure proceedings or the purchase or repurchase of any
      Mortgage Loan pursuant to the terms of this Servicing Agreement, as well as
      any
      recovery resulting from a collection of Liquidation Proceeds or Insurance
      Proceeds, will be applied in the following order of priority: first, to
      reimburse the Servicer or the related Subservicer in accordance with Section
      3.07; second, to all Servicing Fees payable therefrom; third, to the extent
      of
      accrued and unpaid interest on the related Mortgage Loan, at the Net Mortgage
      Rate to the Due Date prior to the Payment Date on which such amounts are to
      be
      deposited in the Payment Account; fourth, as a recovery of principal on the
      Mortgage Loan; and fifth, to Foreclosure Profits.

     

    SECTION
      3.08. Company
      and Indenture Trustee to Cooperate.

     

    On
      or
      before each Payment Date, the Servicer will notify the Indenture Trustee or
      the
      relevant Custodian, with a copy to the Company, of the termination of or the
      payment in full and the termination of any Mortgage Loan during the preceding
      Collection Period, which notification shall be by a certification in
      substantially the form attached hereto as Exhibit C (which certification shall
      include a statement to the effect that all amounts received in connection with
      such payment which are required to be deposited in the Collection Account
      pursuant to Section 3.02 have been so deposited or credited) of a Servicing
      Officer. Upon receipt of payment in full, the Servicer is authorized to execute,
      pursuant to the authorization contained in Section 3.01, if the assignments
      of
      Mortgage have been recorded as required under the Mortgage Loan Purchase
      Agreement, an instrument of satisfaction regarding the related Mortgage, which
      instrument of satisfaction shall be recorded by the Servicer if required by
      applicable law and be delivered to the Person entitled thereto. It is understood
      and agreed that any expenses incurred in connection with such instrument of
      satisfaction or transfer shall be reimbursed from amounts deposited in the
      Collection Account. From time to time and as appropriate for the servicing
      or
      foreclosure of any Mortgage Loan, the Indenture Trustee or the relevant
      Custodian shall, upon request of the Servicer and delivery to the Indenture
      Trustee or relevant Custodian, with a copy to the Company, of a Request for
      Release, in the form annexed hereto as Exhibit D, signed by a Servicing Officer,
      release or cause to be released the related Mortgage File to the Servicer and
      the Company and Indenture Trustee shall promptly execute such documents, in
      the
      forms provided by the Servicer, as shall be necessary for the prosecution of
      any
      such proceedings or the taking of other servicing actions. Such trust receipt
      shall obligate the Servicer to return the Mortgage File to the Indenture Trustee
      or the related Custodian (as specified in such receipt) when the need therefor
      by the Servicer no longer exists unless the Mortgage Loan shall be liquidated,
      in which case, upon receipt of a certificate of a Servicing Officer similar
      to
      that hereinabove specified, the trust receipt shall be released to the
      Servicer.

     

    In
      order
      to facilitate the foreclosure of the Mortgage securing any Mortgage Loan that
      is
      in default following recordation of the assignments of Mortgage in accordance
      with the provisions of the Mortgage Loan Purchase Agreement, the Company shall,
      if so requested in writing by the Servicer, promptly execute an appropriate
      assignment in the form provided by the Servicer to assign such Mortgage Loan
      for
      the purpose of collection to the Servicer (any such assignment shall
      unambiguously indicate that the assignment is for the purpose of collection
      only), and, upon such assignment, such assignee for collection will thereupon
      bring all required actions in its own name and otherwise enforce the terms
      of
      the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive
      of Foreclosure Profits, received with respect thereto in the Collection Account.
      In the event that all delinquent payments due under any such Mortgage Loan
      are
      paid by the Mortgagor and any other defaults are cured then the assignee for
      collection shall promptly reassign such Mortgage Loan to the Company and return
      all Related Documents to the place where the related Mortgage File was being
      maintained.

     

    In
      connection with the Company’s obligation to cooperate as provided in this
      Section 3.08 and all other provisions of this Servicing Agreement requiring
      the
      Company to authorize or permit any actions to be taken with respect to the
      Mortgage Loans, the Indenture Trustee, as pledgee of the Mortgage Collateral
      in
      the Company, expressly agrees, on behalf of the Company, to take all such
      actions on behalf of the Company and to promptly execute and return all
      instruments reasonably required by the Servicer in connection therewith;
      PROVIDED that if the Servicer shall request a signature of the Indenture
      Trustee, on behalf of the Company, the Servicer will deliver to the Indenture
      Trustee an Officer’s Certificate stating that such signature is necessary or
      appropriate to enable the Servicer to carry out its servicing and administrative
      duties under this Servicing Agreement.

     

    SECTION
      3.09. Servicing
      Compensation; Payment of Certain Expenses by Servicer.

     

    The
      Servicer shall be entitled to receive the Servicing Fee in accordance with
      Section 3.03 as compensation for its services in connection with servicing
      the
      Mortgage Loans. Moreover, additional servicing compensation in the form of
      late
      payment charges and certain other receipts not required to be deposited in
      the
      Collection Account as specified in Section 3.02 shall be retained by the
      Servicer. The Servicer shall be required to pay all expenses incurred by it
      in
      connection with its activities hereunder (including payment of all other fees
      and expenses not expressly stated hereunder to be for the account of the
      Securityholders, including, without limitation, the fees and expenses of the
      Administrator, Owner Trustee, Indenture Trustee and any Custodian) and shall
      not
      be entitled to reimbursement therefor except as specifically provided
      herein.

     

    SECTION
      3.10. Annual
      Statement as to Compliance.

     

    The
      Servicer shall deliver to the Indenture Trustee, the Depositor and the Rating
      Agencies on or before March 15 of each year, commencing in 20[__], an officer’s
      certificate (an “Annual Statement of Compliance”), certifying that with respect
      to the period ending December 31st of the prior year: (i) the Servicer or such
      Servicing Officer, as applicable, has reviewed the activities of the Servicer
      during the preceding calendar year or portion thereof and its performance under
      this Agreement or other applicable servicing agreement and (ii) to the best
      of
      the Servicer’s or such Servicing Officer’s, as applicable, knowledge, based on
      such review, the Servicer has performed and fulfilled its duties,
      responsibilities and obligations under this Agreement or other applicable
      servicing agreement in all material respects throughout such year, or, if there
      has been a failure to fullfill of any such duties, responsibilities or
      obligations, in any material respect, specifying each such failure known to
      such
      Servicing Officer and the nature and status of cure provisions thereof. In
      addition to the foregoing, the Servicer will, to the extent reasonable, give
      any
      other servicing information required by the Securities and Exchange Commission
      pursuant to applicable law. The Servicer shall indemnify and hold harmless
      the
      Depositor and its officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses that such Person
      may sustain based upon a breach of the Servicer’s obligations under this Section
      3.10. Such Annual Statement of Compliance shall contain no restrictions or
      limitations on its use. In the event that the Servicer has delegated any
      servicing responsibilities with respect to the Mortgage Loans serviced by it
      to
      a Sub-Servicer, the Servicer shall deliver an officer's certificate of the
      Sub-Servicer as described above as to each Sub-Servicer as and when required
      with respect to the Servicer.

     

    If
      the
      Servicer cannot deliver the Annual Statement of Compliance by March 15th of
      such
      year, the Indenture Trustee, at the direction of the Depositor, may permit
      a
      cure period for the related Servicer to deliver such Annual Statement of
      Compliance, but in no event later than March 30th of such year.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 shall be deemed an
      event
      of default,, automatically, without notice and without any cure period, and
      the
      Indenture Trustee at the direction of the Depositor shall, in addition to
      whatever rights the Indenture Trustee may have under this Agreement and at
      law
      or equity or to damages, including injunctive relief and specific performance,
      terminate all the rights and obligations of the Servicer under this Agreement
      and in and to the Mortgage Loans and the proceeds thereof without compensating
      the Servicer for the same. This paragraph shall supercede any other provision
      in
      this Agreement or any other agreement to the contrary.

     

    SECTION
      3.11. Assessments
      of Compliance and Attestation Reports.

     

    On
      and
      after [________________], the Servicer shall service and administer the Mortgage
      Loans in accordance with all applicable requirements of the Servicing Criteria
      (as set forth in Exhibit [__]). The Servicer shall deliver to the Indenture
      Trustee on or before March 15th of each calendar year beginning in [____],
      a
      report (an “Assessment of Compliance”) reasonably satisfactory to the Depositor
      regarding the Servicer’s assessment of compliance with the applicable Servicing
      Criteria during the preceding calendar year as required by Rules 13a-18 and
      15d-18 of the Exchange Act and Item 1122 of Regulation AB, which as of the
      date
      hereof, require a report by an authorized officer of the Servicer that contains
      the following:

     

    A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Servicer;

     

    A
      statement by such officer that such officer used the Servicing Criteria to
      assess compliance with the Servicing Criteria applicable to the
      Servicer;

     

    An
      assessment by such officer of the Servicer’s compliance with the applicable
      Servicing Criteria for the period consisting of the preceding calendar year,
      including disclosure of any material instance of noncompliance with respect
      thereto during such period, which assessment shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer that are backed by the same asset type as the Mortgage
      Loans;

     

    A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s Assessment of Compliance for the period consisting of
      the preceding calendar year; and

     

    A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Servicer, which statement shall be based on the activities it performs
      with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Servicer, that are backed by the same asset type as the Mortgage
      Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on a
      certification substantially in the form of Exhibit [___] hereto delivered to
      the
      Indenture Trustee concurrently with the execution of this
      Agreement.

     

    On
      or
      before March 15th of each calendar year beginning in 200[__], the Servicer
      shall
      furnish to the Indenture Trustee a report (an “Attestation Report”) by a
      registered public accounting firm that attests to, and reports on, the
      Assessment of Compliance made by the Servicer, as required by Rules 13a-18
      and
      15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation
      Report must be made in accordance with standards for attestation reports issued
      or adopted by the Public Company Accounting Oversight Board. 

     

    The
      Servicer shall cause any servicer, and each subcontractor determined by the
      Servicer, as applicable, to be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB, to deliver to the Indenture Trustee
      an assessment of compliance and accountants’ attestation.

     

    If
      the
      Servicer cannot deliver the related Assessment of Compliance or Attestation
      Report by March 15th of such year, the Depositor, at its sole option, may permit
      a cure period for the Servicer to deliver such Assessment of Compliance or
      Attestation Report, but in no event later than March 30th of such
      year.

     

    Failure
      of the Servicer to timely comply with this Section 3.21 shall be deemed an
      event
      of default, automatically, without notice and without any cure period, and
      the
      Indenture Trustee may, in addition to whatever rights the Indenture Trustee
      may
      have under the agreements and at law or equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Servicer under the agreements and in and to the Mortgage
      Loans and the proceeds thereof without compensating the Servicer for the same.
      This paragraph shall supercede any other provision in this Agreement or any
      other agreement to the contrary.

     

    SECTION
      3.12. Access
      to
      Certain Documentation and Information Regarding the Mortgage Loans.

     

    Whenever
      required by statute or regulation, the Servicer shall provide to the Credit
      Enhancer, any Securityholder upon reasonable request (or a regulator for a
      Securityholder) or the Indenture Trustee, reasonable access to the documentation
      regarding the Mortgage Loans such access being afforded without charge but
      only
      upon reasonable request and during normal business hours at the offices of
      the
      Servicer. Nothing in this Section 3.12 shall derogate from the obligation of
      the
      Servicer to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of the Servicer to provide access
      as
      provided in this Section 3.12 as a result of such obligation shall not
      constitute a breach of this Section 3.12.

     

    SECTION
      3.13. Maintenance
      of Certain Servicing Insurance Policies.

     

    The
      Servicer shall during the term of its service as servicer maintain in force
      (i)
      a policy or policies of insurance covering errors and omissions in the
      performance of its obligations as servicer hereunder and (ii) a fidelity bond
      in
      respect of its officers, employees or agents. Each such policy or policies
      and
      bond shall be at least equal to the coverage that would be required by FNMA
      or
      FHLMC, whichever is greater, for Persons performing servicing for mortgage
      loans
      purchased by such entity.

     

    SECTION
      3.14. Information
      Required by the Internal Revenue Service Generally and Reports of Foreclosures
      and Abandonments of Mortgaged Property.

     

    The
      Servicer shall prepare and deliver all federal and state information reports
      when and as required by all applicable state and federal income tax laws. In
      particular, with respect to the requirement under Section 6050J of the Code
      to
      the effect that the Servicer or Subservicer shall make reports of foreclosures
      and abandonments of any mortgaged property for each year beginning in ____,
      the
      Servicer or Subservicer shall file reports relating to each instance occurring
      during the previous calendar year in which the Servicer (i) on behalf of the
      Company, acquires an interest in any Mortgaged Property through foreclosure
      or
      other comparable conversion in full or partial satisfaction of a Mortgage Loan,
      or (ii) knows or has reason to know that any Mortgaged Property has been
      abandoned. The reports from the Servicer or Subservicer shall be in form and
      substance sufficient to meet the reporting requirements imposed by Section
      6050J
      and Section 6050H (reports relating to mortgage interest received) of the
      Code.

     

    SECTION
      3.15. Optional
      Repurchase of Defaulted Mortgage Loans.

     

    Notwithstanding
      any provision in Section 3.07 to the contrary, the Servicer may repurchase
      any
      Mortgage Loan delinquent in payment for a period of 60 days or longer for a
      price equal to the Repurchase Price.

     

    ARTICLE
      IV

     

    SERVICING
      CERTIFICATE

     

    SECTION
      4.01. Statements
      to Securityholders.

     

    (a) With
      respect to each Payment Date, the Servicer shall forward to the Indenture
      Trustee and the Indenture Trustee pursuant to Section 3.26 of the Indenture
      shall forward or cause to be forwarded by mail to each Certificateholder,
      Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the
      Certificate Paying Agent and each Rating Agency, a statement setting forth
      the
      following information as to the Notes and Certificates, to the extent
      applicable:

     

    (i) the
      aggregate amount of (a) Security Interest Collections with respect to the Notes
      and the Certificates, (b) aggregate Security Principal Collections with respect
      to the Notes and the Certificates and (c) Security Collections for the related
      Collection Period with respect to the Notes and the Certificates;

     

    (ii) the
      amount of such distribution to the Securityholders of the Notes and the
      Certificates applied to reduce the principal balance thereof and separately
      stating the portion thereof in respect of the Accelerated Principal Distribution
      Amount and the amount to be deposited in the Funding Account on such Payment
      Date;

     

    (iii) the
      amount of such distribution to the Securityholders of the Notes and the
      Certificates allocable to interest and separately stating the portion thereof
      in
      respect of overdue accrued interest;

     

    (iv) the
      Credit Enhancement Draw Amount, if any, for such Payment Date and the aggregate
      amount of prior draws thereunder not yet reimbursed;

     

    (v) the
      aggregate Principal Balance of (a) the ________ Loans, (b) the ______ Loans,
      (c)
      the _________ Loans, as of the end of the preceding Collection Period and (d)
      all of the Mortgage Loans;

     

    (vi) the
      number and aggregate Principal Balances of Mortgage Loans (a) as to which the
      Minimum Monthly Payment is delinquent for 30-59 days, 60-89 days, 90-179 days
      and 180 or more days, respectively and (b) that have become REO, in each case
      as
      of the end of the preceding Collection Period; provided,
      however,
      that
      such information will not be provided on the statements relating to the first
      Payment Date;

     

    (vii) the
      Weighted Average Net Mortgage Rate for the related Collection Period and the
      Weighted Average Net Mortgage Rate for (a) the ________ Loans, (b) the
      _______Loans and (c) the _________ Loans for the related Collection
      Period;

     

    (viii) the
      Special Capital Distribution Amount and the Required Special Capital
      Distribution Amount, in each case as the end of the related Collection Period;
      and

     

    (ix) the
      aggregate amount of Additional Loans acquired during the previous Collection
      Period with amounts in respect of Net Principal Collections from the Funding
      Account;

     

    (x) the
      aggregate Liquidation Loss Amounts with respect to the related Collection
      Period, the amount of any remaining Carryover Loss Amount with respect to the
      Notes and Certificates, respectively, and the aggregate of the Liquidation
      Loss
      Amounts from all Collection Periods to date expressed as a percentage of the
      sum
      of (a) the Cut-Off Date Pool Balance and (b) the amount by which the Pool
      Balance as of the latest date that the Additional Loans have been transferred
      to
      the Company exceeds the Cut-Off Date Pool Balance;

     

    (xi) any
      unpaid interest on the Notes and Certificates, respectively, after such
      Distribution Date;

     

    (xii) the
      aggregate Principal Balance of each Class of Notes and of the Certificates
      after
      giving effect to the distribution of principal on such Payment
      Date;

     

    (xiii) the
      respective Security Percentage applicable to the Notes and Certificates, after
      application of payments made on such Payment Date; and

     

    (xiv) the
      amount distributed pursuant to Section 3.05(a)(xi) of the Indenture on such
      Payment Date.

     

    In
      the
      case of information furnished pursuant to clauses (ii) and (iii) above, the
      amounts shall be expressed as an aggregate dollar amount per Note or Certificate
      with a $1,000 denomination.

     

    Prior
      to
      the close of business on the Business Day next succeeding each Determination
      Date, the Servicer shall furnish a written statement to the Company, the Owner
      Trustee, the Depositor, the Certificate Paying Agent and the Indenture Trustee
      setting forth (i) all the foregoing information, (ii) the aggregate amounts
      required to be withdrawn from the Collection Account and deposited into the
      Payment Account on the Business Day preceding the Payment Date pursuant to
      Section 3.03 and (iii) the amounts (A) withdrawn from the Payment Account and
      deposited to the Funding Account pursuant to Section 8.02(b) of the Indenture
      and (B) withdrawn from the Funding Account and deposited to the Collection
      Account pursuant to Section 8.02(c)(i) of the Indenture. The determination
      by
      the Servicer of such amounts shall, in the absence of obvious error, be
      presumptively deemed to be correct for all purposes hereunder and the Owner
      Trustee and Indenture Trustee shall be protected in relying upon the same
      without any independent check or verification. In addition, upon the Company’s
      written request, the Servicer shall promptly furnish information reasonably
      requested by the Company that is reasonably available to the Servicer to enable
      the Company to perform its federal and state income tax reporting
      obligations.

     

    ARTICLE
      V

     

    DISTRIBUTION
      AND PAYMENT ACCOUNTS

     

    SECTION
      5.01. Distribution
      Account.

     

    The
      Servicer shall establish and maintain a separate trust account (the
“Distribution Account”) titled “[National
      City Mortgage Capital LLC MBN]
      Trust Series 20__-__, [for the benefit of the Noteholders, the
      Certificateholders and the Credit Enhancer pursuant to the Indenture, dated
      as
      of _______________, between [National
      City Mortgage Capital LLC MBN]
      Trust Series 20__-__ and [Name of Indenture Trustee]. The Distribution Account
      shall be an Eligible Account. On the Business Day prior to each Payment Date,
      (i) amounts deposited into the Distribution Account pursuant to Section 3.03(i)
      hereof will be distributed by the Servicer in accordance with Section ____
      of
      the [Trust] Agreement, and (ii) the portion of such amounts then distributable
      with respect to the Mortgage Collateral shall be deposited into the Payment
      Account. [The Servicer shall invest or cause the institution maintaining the
      Distribution Account to invest the funds in the Distribution Account in Eligible
      Investments designated in the name of the National City Mortgage Co., which
      shall mature not later than the Business Day next preceding the Payment Date
      next following the date of such investment (except that (i) any investment
      in
      the institution with which the Distribution Account is maintained may mature
      on
      such Payment Date and (ii) any other investment may mature on such Payment
      Date
      if the Servicer shall advance funds on such Payment Date to the Payment Account
      in the amount payable on such investment on such Payment Date, pending receipt
      thereof to the extent necessary to make distributions on the Securities) and
      shall not be sold or disposed of prior to maturity. All income and gain realized
      from any such investment shall be for the benefit of the Servicer and shall
      be
      subject to its withdrawal or order from time to time. The amount of any losses
      incurred in respect of any such investments shall be deposited in the
      Distribution Account by the Servicer out of its own funds immediately as
      realized.]

     

    SECTION
      5.02. Payment
      Account.

     

    The
      Indenture Trustee shall establish and maintain a separate trust account (the
      “Payment Account”) titled “__________________________________, as Indenture
      Trustee, for the benefit of the Noteholders, the Certificate Paying Agent and
      the Credit Enhancer pursuant to the Indenture, dated as of _______________,
      between [National
      City Mortgage Capital LLC MBN]
      Trust Series 20__-___ and __________________________________”. The Payment
      Account shall be an Eligible Account. On each Payment Date, amounts on deposit
      in the Payment Account will be distributed by the Indenture Trustee in
      accordance with Section 3.05 of the Indenture. The Indenture Trustee shall,
      upon
      written request from the Servicer, invest or cause the institution maintaining
      the Payment Account to invest the funds in the Payment Account in Eligible
      Investments designated in the name of the Indenture Trustee, which shall mature
      not later than the Business Day next preceding the Payment Date next following
      the date of such investment (except that (i) any investment in the institution
      with which the Payment Account is maintained may mature on such Payment Date
      and
      (ii) any other investment may mature on such Payment Date if the Indenture
      Trustee shall advance funds on such Payment Date to the Payment Account in
      the
      amount payable on such investment on such Payment Date, pending receipt thereof
      to the extent necessary to make distributions on the Securities) and shall
      not
      be sold or disposed of prior to maturity. All income and gain realized from
      any
      such investment shall be for the benefit of the Servicer and shall be subject
      to
      its withdrawal or order from time to time. The amount of any losses incurred
      in
      respect of any such investments shall be deposited in the Payment Account by
      the
      Servicer out of its own funds immediately as realized.

     

    ARTICLE
      VI

     

    THE
      SERVICER

     

    SECTION
      6.01. Liability
      of the Servicer.

     

    The
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by the Servicer
      herein.

     

    SECTION
      6.02. Merger
      of
      Consolidation of, or Assumption of the Obligations of, the
      Servicer.

     

    Any
      corporation into which the Servicer may be merged or converted or with which
      it
      may be consolidated, or any corporation resulting from any merger, conversion
      or
      consolidation to which the Servicer shall be a party, or any corporation
      succeeding to the business of the Servicer, shall be the successor of the
      Servicer, hereunder, without the execution or filing of any paper or any further
      act on the part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    The
      Servicer may assign its rights and delegate its duties and obligations under
      this Servicing Agreement; provided
      that the
      Person accepting such assignment or delegation shall be a Person which is
      qualified to service mortgage loans on behalf of FNMA or FHLMC, is reasonably
      satisfactory to the Indenture Trustee (as pledgee of the Mortgage Collateral),
      the Company and the Credit Enhancer, is willing to service the Mortgage Loans
      and executes and delivers to the Indenture Trustee and the Company an agreement,
      in form and substance reason ably satisfactory to the Credit Enhancer, the
      Indenture Trustee and the Company, which contains an assumption by such Person
      of the due and punctual performance and observance of each covenant and
      condition to be performed or observed by the Servicer under this Servicing
      Agreement; PROVIDED further that each Rating Agency’s rating of the Securities
      in effect immediately prior to such assignment and delegation will not be
      qualified, reduced, or withdrawn as a result of such assignment and delegation
      (as evidenced by a letter to such effect from each Rating Agency) or considered
      to be below investment grade without taking into account the Credit Enhancement
      Instrument.

     

    SECTION
      6.03. Limitation
      on Liability of the Servicer and Others.

     

    Neither
      the Servicer nor any of the directors or officers or employees or agents of
      the
      Servicer shall be under any liability to the Company, the Issuer, the Owner
      Trustee, the Indenture Trustee or the Securityholders for any action taken
      or
      for refraining from the taking of any action in good faith pursuant to this
      Servicing Agreement, Provided,
      however,
      that
      this provision shall not protect the Servicer or any such Person against any
      liability which would otherwise be imposed by reason of its willful misfeasance,
      bad faith or gross negligence in the performance of its duties hereunder or
      by
      reason of its reckless disregard of its obligations and duties hereunder. The
      Servicer and any director or officer or employee or agent of the Servicer may
      rely in good faith on any document of any kind Prima
      Facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Servicer and any director or officer or employee or agent of the Servicer
      shall be indemnified by the Company and held harmless against any loss,
      liability or expense incurred in connection with any legal action relating
      to
      this Servicing Agreement or the Securities, including any amount paid to the
      Owner Trustee or the Indenture Trustee pursuant to Section 6.06(b), other than
      any loss, liability or expense related to any specific Mortgage Loan or Mortgage
      Loans (except as any such loss, liability or expense shall be otherwise
      reimbursable pursuant to this Servicing Agreement) and any loss, liability
      or
      expense incurred by reason of its willful misfeasance, bad faith or gross
      negligence in the performance of its duties hereunder or by reason of its
      reckless disregard of its obligations and duties hereunder. The Servicer shall
      not be under any obligation to appear in, prosecute or defend any legal action
      which is not incidental to its duties to service the Mortgage Loans in
      accordance with this Servicing Agreement, and which in its opinion may involve
      it in any expense or liability; provided,
      however,
      that
      the Servicer may in its sole discretion undertake any such action which it
      may
      deem necessary or desirable in respect of this Servicing Agreement, and the
      rights and duties of the parties hereto and the interests of the Securityholders
      hereunder. In such event, the reasonable legal expenses and costs of such action
      and any liability resulting therefrom shall be expenses, costs and liabilities
      of the Company, and the Servicer shall be entitled to be reimbursed therefor.
      The Servicer’s right to indemnity or reimbursement pursuant to this Section 6.03
      shall survive any resignation or termination of the Servicer pursuant to Section
      6.04 or 7.01 with respect to any losses, expenses, costs or liabilities arising
      prior to such resignation or termination (or arising from events that occurred
      prior to such resignation or termination).

     

    SECTION
      6.04. Servicer
      Not to Resign.

     

    Subject
      to the provisions of Section 6.02, the Servicer shall not resign from the
      obligations and duties hereby imposed on it except (i) upon determination that
      the performance of its obligations or duties hereunder are no longer permissible
      under applicable law or are in material conflict by reason of applicable law
      with any other activities carried on by it or its subsidiaries or Affiliates,
      the other activities of the Servicer so causing such a conflict being of a
      type
      and nature carried on by the Servicer or its subsidiaries or Affiliates at
      the
      date of this Servicing Agreement or (ii) upon satisfaction of the following
      conditions: (a) the Servicer has proposed a successor servicer to the Company,
      the Administrator and the Indenture Trustee in writing and such proposed
      successor servicer is reasonably acceptable to the Company, the Administrator,
      the Indenture Trustee and the Credit Enhancer; (b) each Rating Agency shall
      have
      delivered a letter to the Company, the Credit Enhancer and the Indenture Trustee
      prior to the appointment of the successor servicer stating that the proposed
      appointment of such successor servicer as Servicer hereunder will not result
      in
      the reduction or withdrawal of the then current rating of the Securities; and
      (c) such proposed successor servicer is reasonably acceptable to the Credit
      Enhancer, as evidenced by a letter to the Company and the Indenture Trustee;
      provided,
      however,
      that no
      such resignation by the Servicer shall become effective until such successor
      servicer or, in the case of (i) above, the Indenture Trustee, as pledgee of
      the
      Mortgage Collateral, shall have assumed the Servicer’s responsibilities and
      obligations hereunder or the Indenture Trustee, as pledgee of the Mortgage
      Collateral, shall have designated a successor servicer in accordance with
      Section 7.02. Any such resignation shall not relieve the Servicer of
      responsibility for any of the obligations specified in Sections 7.01 and 7.02
      as
      obligations that survive the resignation or termination of the Servicer. The
      Servicer shall have no claim (whether by subrogation or otherwise) or other
      action against any Securityholder or the Credit Enhancer for any amounts paid
      by
      the Servicer pursuant to any provision of this Servicing Agreement. Any such
      determination permitting the resignation of the Servicer shall be evidenced
      by
      an Opinion of Counsel to such effect delivered to the Indenture Trustee and
      the
      Credit Enhancer.

     

    SECTION
      6.05. Delegation
      of Duties.

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those with which
      the Servicer complies pursuant to Section 3.01. Such delegation shall not
      relieve the Servicer of its liabilities and responsibilities with respect to
      such duties and shall not constitute a resignation within the meaning of Section
      6.04.

     

    SECTION
      6.06. Servicer
      to Pay Indenture Trustee’s and Owner Trustee’s Fees and Expenses;
      Indemnification.

     

    (a) The
      Servicer covenants and agrees to pay to the Owner Trustee, the Indenture Trustee
      and any co-trustee of the Indenture Trustee from time to time, and the Owner
      Trustee, the Indenture Trustee and any such co-trustee shall be entitled to,
      reasonable compensation (which shall not be limited by any provision of law
      in
      regard to the compensation of a trustee of an express trust) for all services
      rendered by each of them in the execution of the trusts created under the Trust
      Agreement and the Indenture and in the exercise and performance of any of the
      powers and duties under the Trust Agreement or the Indenture, as the case may
      be, of the Owner Trustee, the Indenture Trustee and any co-trustee, and the
      Servicer will pay or reimburse the Indenture Trustee and any co-trustee upon
      request for all reasonable expenses, disbursements and advances incurred or
      made
      by the Indenture Trustee or any co-trustee in accordance with any of the
      provisions of this Servicing Agreement except any such expense, disbursement
      or
      advance as may arise from its negligence or bad faith.

     

    (b) The
      Servicer agrees to indemnify the Indenture Trustee and the Owner Trustee for,
      and to hold the Indenture Trustee and the Owner Trustee, as the case may be,
      harmless against, any loss, liability or expense incurred without negligence
      or
      willful misconduct on its part, arising out of, or in connection with, the
      acceptance and administration of the Company and the assets thereof, including
      the costs and expenses (including reasonable legal fees and expenses) of
      defending itself against any claim in connection with the exercise or
      performance of any of its powers or duties under any Basic Document, provided
      that:

     

    (i) with
      respect to any such claim, the Indenture Trustee or Owner Trustee, as the case
      may be, shall have given the Servicer written notice thereof promptly after
      the
      Indenture Trustee or Owner Trustee, as the case may be, shall have actual
      knowledge thereof;

     

    (ii) while
      maintaining control over its own defense, the Company, the Indenture Trustee
      or
      Owner Trustee, as the case may be, shall cooperate and consult fully with the
      Servicer in preparing such defense; and

     

    (iii) notwithstanding
      anything in this Servicing Agreement to the contrary, the Servicer shall not
      be
      liable for settlement of any claim by the Indenture Trustee or the Owner
      Trustee, as the case may be, entered into without the prior consent of the
      Servicer, which consent shall not be unreasonably withheld.

     

    No
      termination of this Servicing Agreement shall affect the obligations created
      by
      this Section 6.06 of the Servicer to indemnify the Indenture Trustee and the
      Owner Trustee under the conditions and to the extent set forth
      herein.

     

    Notwithstanding
      the foregoing, the indemnification provided by the Servicer in this Section
      6.06(b) shall not pertain to any loss, liability or expense of the Indenture
      Trustee or the Owner Trustee, including the costs and expenses of defending
      itself against any claim, incurred in connection with any actions taken by
      the
      Indenture Trustee or the Owner Trustee at the direction of the Noteholders
      or
      Certificateholders, as the case may be, pursuant to the terms of this Servicing
      Agreement.

     

    ARTICLE
      VII

     

    DEFAULT

     

    SECTION
      7.01. Servicing
      Default.

     

    If
      any
      one of the following events (“Servicing Default”) hall occur and be
      continuing:

     

    (i) Any
      failure by the Servicer to deposit in the Collection Account, the Funding
      Account or Payment Account any deposit required to be made under the terms
      of
      this Servicing Agreement which continues unremedied for a period of five
      Business Days after the date upon which written notice of such failure shall
      have been given to the Servicer by the Company, the Issuer or the Indenture
      Trustee or to the Servicer, the Company, the Issuer and the Indenture Trustee
      by
      the Credit Enhancer; or

     

    (ii) Failure
      on the part of the Servicer duly to observe or perform in any material respect
      any other covenants or agreements of the Servicer set forth in the Securities
      or
      in this Servicing Agreement, which failure, in each case, materially and
      adversely affects the interests of Securityholders or the Credit Enhancer and
      which continues unremedied for a period of 45 days after the date on which
      written notice of such failure, requiring the same to be remedied, and stating
      that such notice is a “Notice of Default” hereunder, shall have been given to
      the Servicer by the Company, the Issuer or the Indenture Trustee or to the
      Servicer, the Company, the Issuer and the Indenture Trustee by the Credit
      Enhancer; or

     

    (iii) The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 consecutive days; or

     

    (iv) The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property, or a decree or order of a court, agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations; or

     

    (v) Any
      failure by the Seller (so long as the Seller is the Servicer) or the Servicer,
      as the case may be, to pay when due any amount payable by it under the terms of
      the Insurance Agreement which continues unremedied for a period of three (3)
      Business Days after the date upon which written notice of such failure shall
      have been given to the Seller (so long as the Seller is the Servicer) or the
      Servicer, as the case may be; or

     

    (vi) Failure
      on the part of the Seller or the Servicer to duly perform in any material
      respect any covenant or agreement set forth in the Insurance Agreement, which
      failure in each case materially and adversely affects the interests of the
      Credit Enhancer and continues unremedied for a period of 60 days after the
      date
      on which written notice of such failure, requiring the same to be remedied,
      shall have been given to the Depositor, the Indenture Trustee, the Seller or
      the
      Servicer, as the case may be, by the Credit Enhancer. Then, and in every such
      case, other than that set forth in (vi) hereof, so long as a Servicing Default
      shall not have been remedied by the Servicer, either the Company, subject to
      the
      direction of the Indenture Trustee as pledgee of the Mortgage Collateral, with
      the consent of the Credit Enhancer, or the Credit Enhancer, by notice then
      given
      in writing to the Servicer (and to the Company and the Issuer if given by the
      Credit Enhancer) and in the case of the event set forth in (vi) hereof, the
      Credit Enhancer with the consent of Securityholders at least 51% of the
      aggregate Principal Balance of the Notes and the Certificates may terminate
      all
      of the rights and obligations of the Servicer as servicer under this Servicing
      Agreement other than its right to receive servicing compensation and expenses
      for servicing the Mortgage Loans hereunder during any period prior to the date
      of such termination and the Company, subject to the direction of the Indenture
      Trustee as pledgee of the Mortgage Collateral, with the consent of the Credit
      Enhancer, or the Credit Enhancer may exercise any and all other remedies
      available at law or equity. Any such notice to the Servicer shall also be given
      to each Rating Agency, the Credit Enhancer, the Company and the Issuer. On
      or
      after the receipt by the Servicer of such written notice, all authority and
      power of the Servicer under this Servicing Agreement, whether with respect
      to
      the Securities or the Mortgage Loans or otherwise, shall pass to and be vested
      in the Company, subject to the direction of the Indenture Trustee as pledgee
      of
      the Mortgage Collateral, pursuant to and under this Section 7.01; and, without
      limitation, the Company is hereby authorized and empowered to execute and
      deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
      all documents and other instruments, and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement of each Mortgage
      Loan and related documents, or otherwise. The Servicer agrees to cooperate
      with
      the Company in effecting the termination of the responsibilities and rights
      of
      the Servicer hereunder, including, without limitation, the transfer to the
      Indenture Trustee for the administration by it of all cash amounts relating
      to
      the Mortgage Loans that shall at the time be held by the Servicer and to be
      deposited by it in the Collection Account, or that have been deposited by the
      Servicer in the Collection Account or thereafter received by the Servicer with
      respect to the Mortgage Loans. All reasonable costs and expenses (including,
      but
      not limited to, attorneys’ fees) incurred in connection with amending this
      Servicing Agreement to reflect such succession as Servicer pursuant to this
      Section 7.01 shall be paid by the predecessor Servicer (or if the predecessor
      Servicer is the Indenture Trustee, the initial Servicer) upon presentation
      of
      reasonable documentation of such costs and expenses.

     

    Notwithstanding
      any termination of the activities of the Servicer hereunder, the Servicer shall
      be entitled to receive, out of any late collection of a payment on a Mortgage
      Loan which was due prior to the notice terminating the Servicer’s rights and
      obligations hereunder and received after such notice, that portion to which
      the
      Servicer would have been entitled pursuant to Sections 3.03 and 3.09 as well
      as
      its Servicing Fee in respect thereof, and any other amounts payable to the
      Servicer hereunder the entitlement to which arose prior to the termination
      of
      its activities hereunder.

     

    Notwithstanding
      the foregoing, a delay in or failure of performance under Section 7.01(i) or
      under Section 7.01(ii) after the applicable grace periods specified in such
      Sections, shall not constitute a Servicer Default if such delay or failure
      could
      not be prevented by the exercise of reasonable diligence by the Servicer and
      such delay or failure was caused by an act of God or the public enemy, acts
      of
      declared or undeclared war, public disorder, rebellion or sabotage, epidemics,
      landslides, lightning, fire, hurricanes, earthquakes, floods or similar causes.
      The pre ceding sentence shall not relieve the Servicer from using reasonable
      efforts to perform its respective obligations in a timely manner in accordance
      with the terms of this Servicing Agreement and the Servicer shall provide the
      Indenture Trustee, the Credit Enhancer and the Securityholders with notice
      of
      such failure or delay by it, together with a description of its efforts to
      so
      perform its obligations. The Servicer shall immediately notify the Indenture
      Trustee, the Credit Enhancer and the Owner Trustee in writing of any Servicer
      Default.

     

    SECTION
      7.02. Indenture
      Trustee to Act; Appointment of Successor.

     

    (a) On
      and
      after the time the Servicer receives a notice of termination pursuant to Section
      7.01 or sends a notice pursuant to Section 6.04, the Indenture Trustee on behalf
      of the Noteholders shall be the successor in all respects to the Servicer in
      its
      capacity as servicer under this Servicing Agreement and the transactions set
      forth or provided for herein and shall be subject to all the responsibilities,
      duties and liabilities relating thereto placed on the Servicer by the terms
      and
      provisions hereof. Nothing in this Servicing Agreement or in the Trust Agreement
      shall be construed to permit or require the Indenture Trustee to (i) succeed
      to
      the responsibilities, duties and liabilities of the initial Servicer in its
      capacity as Seller under the Mortgage Loan Purchase Agreement, (ii) be
      responsible or accountable for any act or omission of the Servicer prior to
      the
      issuance of a notice of termination hereunder, (iii) require or obligate the
      Indenture Trustee, in its capacity as successor Servicer, to purchase,
      repurchase or substitute any Mortgage Loan, (iv) fund any losses on any Eligible
      Investment directed by any other Servicer, or (v) be responsible for the
      representations and warranties of the Servicer. As compensation therefor, the
      Indenture Trustee shall be entitled to such compensation as the Servicer would
      have been entitled to hereunder if no such notice of termination had been given.
      Notwithstanding the above, (i) if the Indenture Trustee is unwilling to act
      as
      successor Servicer, or (ii) if the Indenture Trustee is legally unable so to
      act, the Indenture Trustee on behalf of the Mortgage Collateral holders may
      (in
      the situation described in clause (i)) or shall (in the situation described
      in
      clause (ii)) appoint or petition a court of competent jurisdiction to appoint
      any established housing and home finance institution, bank or other mortgage
      loan or home equity loan servicer having a net worth of not less than
      $10,000,000 as the successor to the Servicer hereunder in the assumption of
      all
      or any part of the responsibilities, duties or liabilities of the Servicer
      hereunder; PROVIDED that any such successor Servicer shall be acceptable to
      the
      Credit Enhancer, as evidenced by the Credit Enhancer’s prior written consent
      which consent shall not be unreasonably withheld and provided further that
      the
      appointment of any such successor Servicer will not result in the qualification,
      reduction or withdrawal of the ratings assigned to the Securities by the Rating
      Agencies. Pending appointment of a successor to the Servicer hereunder, unless
      the Indenture Trustee is prohibited by law from so acting, the Indenture Trustee
      shall act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the successor shall be entitled to receive
      compensation out of payments on Mortgage Loans in an amount equal to the
      compensation which the Servicer would otherwise have received pursuant to
      Section 3.09 (or such lesser compensation as the Indenture Trustee and such
      successor shall agree). The appointment of a successor Servicer shall not affect
      any liability of the predecessor Servicer which may have arisen under this
      Servicing Agreement prior to its termination as Servicer (including, without
      limitation, the obligation to purchase Mortgage Loans pursuant to Section 3.01,
      to pay any deductible under an insurance policy pursuant to Section 3.04 or
      to
      indemnify the Indenture Trustee pursuant to Section 6.06), nor shall any
      successor Servicer be liable for any acts or omissions of the predecessor
      Servicer or for any breach by such Servicer of any of its representations or
      warranties contained herein or in any related document or agreement. The
      Indenture Trustee and such successor shall take such action, consistent with
      this Servicing Agreement, as shall be necessary to effectuate any such
      succession.

     

    (b) Any
      successor, including the Indenture Trustee on behalf of the Noteholders, to
      the
      Servicer as servicer shall during the term of its service as servicer (i)
      continue to service and administer the Mortgage Loans for the benefit of the
      Securityholders, (ii) maintain in force a policy or policies of insurance
      covering errors and omissions in the performance of its obligations as Servicer
      hereunder and a fidelity bond in respect of its officers, employees and agents
      to the same extent as the Servicer is so required pursuant to Section
      3.13.

     

    (c) Any
      successor Servicer, including the Indenture Trustee on behalf of the Mortgage
      Collateral holders, shall not be deemed in default or to have breached its
      duties hereunder if the predecessor Servicer shall fail to deliver any required
      deposit to the Collection Account or otherwise cooperate with any required
      servicing transfer or succession hereunder.

     

    SECTION
      7.03. Notification
      to Securityholders.

     

    Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Indenture Trustee shall give prompt written
      notice thereof to the Securityholders, the Credit Enhancer, the Company, the
      Issuer and each Rating Agency.

     

    ARTICLE
      VIII

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      8.01. Amendment.

     

    This
      Servicing Agreement may be amended from time to time by the parties hereto,
      provided that any amendment be accompanied by a letter from the Rating Agencies
      that the amendment will not result in the downgrading or withdrawal of the
      rating then assigned to the Securities and the consent of the Credit Enhancer
      and the Indenture Trustee.

     

    SECTION
      8.02. GOVERNING
      LAW.

     

    THIS
      SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    SECTION
      8.03. Notices.

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if personally delivered at or mailed by certified
      mail, return receipt requested, to (a) in the case of the Servicer, [Name and
      Address of Servicer], (b) in the case of the Credit Enhancer, ________________,
      ________, ______________, Attention: _________________,
      ___________________________, (c) in the case of [Moody’s, ___________, 4th
      Floor, 99 Church Street, New York, New York 10007], (d) in the case of [Standard
      & Poor’s, 26 Broadway, 15th Floor, New York, New York 10004, Attention:
      Residential Mortgage Surveillance Group], (e) in the case of the Owner Trustee,
      the Corporate Trust Office, and (f) in the case of the Issuer, to [National
      City Mortgage Capital LLC MBN]
      Trust Series 20__-___, c/o ______________________, __________________,
      __________, ______________, Attention: __________________________, with a copy
      to the Administrator at ______________ or, as to each party, at such other
      address as shall be designated by such party in a written notice to each other
      party. [Any notice required or permitted to be mailed to a Securityholder shall
      be given by first class mail, postage prepaid, at the address of such
      Securityholder as shown in the Register. Any notice so mailed within the time
      prescribed in this Servicing Agreement shall be conclusively presumed to have
      been duly given, whether or not the Securityholder receives such notice. Any
      notice or other document required to be delivered or mailed by the Indenture
      Trustee to any Rating Agency shall be given on a reasonable efforts basis and
      only as a matter of courtesy and accommodation and the Indenture Trustee shall
      have no liability for failure to delivery such notice or document to any Rating
      Agency.]

     

    SECTION
      8.04. Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Servicing
      Agreement shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Servicing Agreement and
      shall
      in no way affect the validity or enforceability of the other provisions of
      this
      Servicing Agreement or of the Securities or the rights of the Securityholders
      thereof.

     

    SECTION
      8.05. Third-Party
      Beneficiaries.

     

    This
      Servicing Agreement will inure to the benefit of and be binding upon the parties
      hereto, the Securityholders, the Credit Enhancer, the Owner Trustee, the
      Indenture Trustee and their respective successors and permitted assigns. Except
      as otherwise provided in this Servicing Agreement, no other Person will have
      any
      right or obligation hereunder.

     

    SECTION
      8.06. Counterparts.

     

    This
      instrument may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    SECTION
      8.07. Effect
      of
      Headings and Table of Contents.

     

    The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction hereof.

     

    SECTION
      8.08. Termination
      Upon Purchase by the Servicer or Liquidation of All Mortgage Loans.

     

    The
      respective obligations and responsibilities of the Servicer and the Company
      created hereby shall terminate upon the last action required to be taken by
      the
      Issuer pursuant to the Trust Agreement and by the Indenture Trustee pursuant
      to
      the Indenture following the earlier of:

     

    (i) the
      date
      on or before which the Indenture or Trust Agreement is terminated,
      or

     

    (ii) the
      purchase by the Servicer from the Company of all Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price equal to the greater of
      (a)
      100% of the unpaid Principal Balance of each Mortgage Loan, plus accrued and
      unpaid interest thereon at the Weighted Average Net Mortgage Rate up to the
      day
      preceding the Payment Date on which such amounts are to be distributed to
      Securityholders, plus any amounts due and owing to the Credit Enhancer under
      the
      Insurance Agreement and (b) the fair market value of the Mortgage Loans as
      determined by two bids from competitive participants in the adjustable home
      equity loan market.

     

    The
      right
      of the Servicer to purchase the assets of the Company pursuant to clause (ii)
      above is conditioned upon the Pool Balance as of the Final Scheduled Payment
      Date being less than ten percent of the aggregate of the Cut-Off Date Principal
      Balances of the Mortgage Loans. If such right is exercised by the Servicer,
      the
      Servicer shall deposit the amount calculated pursuant to clause (ii) above
      with
      the Indenture Trustee pursuant to Section 4.10 of the Indenture and, upon the
      receipt of such deposit, the Indenture Trustee or relevant Custodian shall
      release to the Servicer, the files pertaining to the Mortgage Loans being
      purchased.

     

    The
      Servicer, at its expense, shall prepare and deliver to the Indenture Trustee
      and
      the Owner Trustee for execution, at the time the Mortgage Loans are to be
      released to the Servicer, appropriate documents assigning each such Mortgage
      Loan from the Company to the Servicer or the appropriate party.

     

    SECTION
      8.09. Certain
      Matters Affecting the Indenture Trustee.

     

    For
      all
      purposes of this Servicing Agreement, in the performance of any of its duties
      or
      in the exercise of any of its powers hereunder, the Indenture Trustee shall
      be
      subject to and entitled to the benefits of Article VI of the
      Indenture.

     

    SECTION
      8.10. Authority
      of the Administrator.

     

    Each
      of
      the parties to this Agreement acknowledges that the Issuer and the Owner Trustee
      have each appointed the Administrator to act as its agent to perform the duties
      and obligations of the Issuer hereunder. Unless otherwise instructed by the
      Issuer or the Owner Trustee, copies of all notices, requests, demands and other
      documents to be delivered to the Issuer or the Owner Trustee pursuant to the
      terms hereof shall be delivered to the Administrator. Unless otherwise
      instructed by the Issuer or the Owner Trustee, all notices, requests, demands
      and other documents to be executed or delivered, and any action to be taken,
      by
      the Issuer or the Owner Trustee pursuant to the terms hereof may be executed,
      delivered and/or taken by the Administrator pursuant to the Administration
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF, the Servicer and the Company have caused this Servicing
      Agreement to be duly executed by their respective officers or representatives
      all as of the day and year first above written.

     

    NATIONAL
      CITY MORTGAGE CO., as Servicer

     

    By: _____________________________
      

    Title:

    

     

    NATIONAL
      CITY MORTGAGE CAPITAL LLC as
      Company

     

    By: __________________________
      

    Title:

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      REQUEST FOR RELEASE

     

    

     

    DATE:

     

    

     

    TO:

     

    

     

    RE:
       REQUEST
      FOR RELEASE OF DOCUMENTS

     

    In
      connection with your administration of the Mortgage Collateral, we request
      the
      release of the Mortgage File described below.

     

    Servicing
      Agreement Dated: Series #: Account #: Pool #: Loan #: Borrower Name(s): Reason
      for Document Request: (circle one) Mortgage Loan Prepaid in Full Mortgage Loan
      Repurchased

     

    “We
      hereby certify that all amounts received or to be received in connection with
      such payments which are required to be deposited have been or will be so
      deposited as provided in the Servicing Agreement.”

     

    __________________________________
      NATIONAL CITY MORTGAGE CO. Authorized Signature

     

    ******************************************************************
      

     

    TO
      CUSTODIAN/INDENTURE TRUSTEE: 

     

    Please
      acknowledge this request, and check off documents being enclosed with a copy
      of
      this form. You should retain this form for your files in accordance with the
      terms of the Servicing Agreement. Enclosed Documents: [ ] Promissory Note [
      ]
      Primary Insurance Policy [ ] Mortgage or Deed of Trust [ ] Assignment(s) of
      Mortgage or Deed of Trust [ ] Title Insurance Policy [ ] Other:
      ___________________________

    

    Name: ___________________________

    

    Title: ___________________________

    

    Date: ___________________________

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